Steelco Gujarat Ltd Company History

Steelco Gujarat Ltd has informed that the comapny has allotted 1,28,97,500 Equity Shares of Rs 10/- each aggregating to Rs 12,89,75,000/- to Industrial Development Bank of India.

Delist of the Company's securities from its Exchange with effect from December 11, 2004.

The Chandrias, who established their principal business interests

in East Africa in 1917, now oversee over 200 manufacturing units,

engaged in diverse areas which include Steel, Aluminium, Plastics,

Chemicals, Building Products, Electronics, etc. spread across

the Americans, Europe, Africa, Australia and South-East Asia.

These companies operate as decentralised profit centres.

Business interests of the Chandarias in the international

business, are generally known as "Comcraft Group". The Comcraft

Group has established management service companies in London,

Geneva, Nairobi, Singapore, Toronto, etc. The net-work of these

companies monitors/overseas the activities of the manufacturing

and other units of the Group world-wide.

ESSAR GUJARAT LIMITED

Essar Gujarat Limited (EGL), a company incorporated in 1976 under

the Companies Act, 1956, is a company belonging to the Essar

Group. EGL is joint promoter of STEELCO. EGL, alongwith its

subsidiaries, will contribute 11% of the total equity share

capital of STEELCO.

EGL, which is setting-up the second largest integrated steel

plant in the private sector in India, is an existing profit

making, dividend paying Company. EGL's Equity Shares and

Debentures are quoted on seven main stock exchanges in India. It

has a shareholder strength of over half a million.

The major activity of EGL is in the steel sector, where it

currently owns and operates India's larges gas based sponge iron

manufacturing facility, which is situated at Hazira, in Surat

District, in the State of Gujarat. EGL sells sponge iron in the

domestic market and commands about 65% market share.

EGL is now at an advanced stage of setting-up a world size steel

plant to manufacture Hot Rolled Steel Coils (HR Coils) with a

capacity of 1.6 million tonnes per annum, which is expected to be

commissioned by June, 1994. The involvement of EGL in the

project would be advantageous to STEELCO as it assures supply of

quality Hot Rolled Coils, its key raw material.

Second Hot Dip Continuous Galvanising line of capacity 50,000 MT per annum commissioned

Mr. S. S. Ranjan has been appointed as an additional director of the Company.

Mr. Vimal Chandaria, is appointed as an Additional Director of Company.