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History of Balasore Alloys Ltd.

YEAR EVENTS 1984 - The Comp. was incorporated on 1st May, in Orissa. It was promoted by Ispat Group headed by M.L. Mittal. The main objective of Comp. is to manufacture calcium silicide, ferro silicon, calcium carbide & all other ferrous and non-ferrous metal based alloys. 1987 - Due to erratic power situation, production of calcium silicide couldn't be taken up. Unstable power situation once again stalled the commencement of calcium slicide production.

- The Comp. installed a second furnace & a captive power plant with a total outlay of Rs 22.60 crores.

- The Comp. alongwith an Indonesian firm set up a joint venture project for manufacture of Silicon, Ferro Silicon & Ferro Chrome.

- 100 shares subscribed for by signatories to the Memorandum of Association. 31,49,900 shares then issued at par of which the following shares reserved & allotted:

- [is] 6,09,900 shares to Indian promoters, directors, etc.

- [iis] 4,50,000 shares to NRI promoters on repatriation basis and

- [iiis] 3,00,000 shares to IPICOL Out of remaining 17,90,000 shares, the following shares were reserved for preferential allotment:

- [is] 89,500 shares to employees including Indian working directors and

- [iis] 35,800 shares to business associates of Company. Out of [is] & [iis] only 36,600 shares taken up.

- The balance 16,64,700 shares, along with the unsubscribed portion of 88,700 shares out of preferential quota were offered to the public during Sept. 1986.

- Additional 4,47,500 shares allotted to the public to retain oversubscription.

1989 - The Comp. received a letter of intent for setting up a third furnace at the existing site at Balgopalpur for implementation of charge chrome/ferro chrome with a licensed capacity of 15,000 TPA.

- The Comp. issued 45,45,454-14% secured fully convertible debentures of Rs. 220 each of which [is] 18,00,000 debentures were reserved for preferential allotment to the existing equity shareholders of Comp. in the ratio of 50 debentures for every 100 equity shares [only 17,58,345 debentures were taken ups];

- [iis] 1,36,000 debentures allotted to NRI [all were taken ups];

- [iiis] 13,63,636 debentures reserved for preferential allotment to the equity shareholders of Nippon Denro Ispat, Ltd., & Ispat Profiles India, limited [all were taken ups];

- [ivs] 2,27,000 debentures reserved for UTI, ICICI, Insurance companies & Mutual Funds [all were taken ups]; and

- [vs] 2,27,273 debentures offered to the employees [including Indian working directorss] of Comp. [only 185 debentures were taken ups].

- The balance of 7,91,545 debentures along with the 2,68,743 debentures not taken up by employees & equity shareholders were offered to the Indian public [all were taken ups]. Additional 2,04,544 debentures & 4,47,274 debentures were allotted to the shareholders of Nippon Denro Ispat, Ltd., Ispat Profiles India, Ltd., & Indian public respectively to retain oversubscription.

- Part-A of Rs. 60 has been converted into two equity shares of face value of Rs. 10 at a premium of Rs. 20 per share at the end of 6 months from the date of allotment. Part-B of Rs. 160 will be converted into appropriate number of equity shares of face value of Rs. 10 at such premium, as may be decided by CCI between a period of 18 months to 24 months from the date of allotment.

1990 - With the Government of India extending the scheme of broad-banding to bulk ferro-alloys industry since January, the Comp. hoped to have a diversified product mix within the existing licensed capacities.

- 1,00,00,544 No. of equity shares allotted due to the conversion of Part-A convertible debentures.

1991 - The project was at an advanced stage of implementation & it was expected to be commissioned in March/April.

- Another letter of intent was received for setting up of an 100% Export Oriented Unit [EOUs] at Dhenkanal in Orissa for manufacture of charge chrome/high carbon ferro-chrome with a licensed capacity of 75,000 TPA.

1992 - Profitability also improved due to optimum utilisation of company resources & adoption of various cost control measures.

- 352,82,219 shares allotted on conversion of pref. `B' of debentures.

- The said furances are set up as Domestic unit in place of 100% EOU origin with in build facility to produce other ferro alloys in addition to charge/ferro chrome to enable the Comp. to market internationally 2 Nos. of imported DG sets of 5 MW each were commissioned.

1993 - The Comp. successfully implemented the commissioning of two new furnaces of 7.5 MVA capacity each at Balgopulpur.

1994 - The Comp. undertook steps to increase captive power generation capacity from 19 MW to 40 MW by installing two new imported D.G. Sets of 10.5 MW each at Balgopalpur, Orissa.

1996 - The Comp. has been conferred with various awards during the period under review such as Regional Top Exporter Shield for 1994-95 from Engineering Export Promotion council [Eastern Regions], HRD First Prize for 1994 from CII. [Eastern Regions] and Best Exporter Award for 1994 from Directorate of Export Promotion Council, Orissa.

- The Comp. has also received prestigious IS 14002/ISO 9002 accreditation from the Bureau of Indian Standards.

- The Comp. has successfully used PLCs for economic use of Resources like Power & Raw Materials.

1997 - IAL is a leading manufacturer of silicon metal and ferro-silicon. Its products are manufactured under technical collaboration with global leaders like Nippon Denro Japan, Danieli Italy, Elkem Norway & Outokumpo Finland, IAL has aggressively added capacities & diversified within the realms of ferrous industry.

- IAL have suffered a similar fate of delayed project implementation for as long as a decade.

1998 - Power generation capacity was increased by installing two new imported D G sets of 10.5 MW each from MAN B and W Germany at its works at Balgophalpur, Orissa.

- The management of Ispat Alloys Ltd has declared an indefinite lockout following violent incidents at the Balagopalpur factory premises in Balasore district of Orissa.

- Ispat Alloys Ltd, a subsidiary of Mittals-promoted Ispat Industries Ltd.

1999 - Two leading manganese alloy producers -- Ispat Alloys and Maharashtra Elektrosmelt -- have made losses during first quarter April/June.

2007

-Balasore Alloys Ltd has informed that Mr. Rabindra Kumar Jena, Executive Director of Comp. has been elevated to & appointed as Joint Managing Director of Comp. w.e.f. January 31, 2007.

-Balasore Alloys Ltd has appointed Mr. Debadatta Sengupta as Director of Comp. w.e.f. January 31, 2007.