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Balasore Alloys Ltd. Company History and Annual Growth Details

1984 - The company was incorporated on 1st May, in Orissa. It was
promoted by Ispat Group headed by M.L. Mittal. The main
objective of the company is to manufacture calcium silicide,
ferro silicon, calcium carbide and all other ferrous and
non-ferrous metal based alloys.

1987 - Due to erratic power situation, production of calcium silicide
could not be taken up. Unstable power situation once again
stalled the commencement of calcium slicide production.

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

- The company alongwith an Indonesian firm set up a joint venture
project for manufacture of Silicon, Ferro Silicon and Ferro

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

- (i) 6,09,900 shares to Indian promoters, directors, etc.

- (ii) 4,50,000 shares to NRI promoters on repatriation basis and

- (iii) 3,00,000 shares to IPICOL Out of the remaining 17,90,000
shares, the following shares were reserved for preferential

- (i) 89,500 shares to employees including Indian working directors

- (ii) 35,800 shares to business associates of the Company. Out of
(i) and (ii) only 36,600 shares taken up.

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

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

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

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

- (ii) 1,36,000 debentures allotted to NRI (all were taken up);

- (iii) 13,63,636 debentures reserved for preferential allotment to
the equity shareholders of Nippon Denro Ispat, Ltd., and Ispat
Profiles India, Ltd. (all were taken up);

- (iv) 2,27,000 debentures reserved for UTI, ICICI, Insurance
companies and Mutual Funds (all were taken up); and

- (v) 2,27,273 debentures offered to the employees (including
Indian working directors) of the Company (only 185 debentures
were taken up).

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

- Part-A of Rs. 60 has been converted into two equity shares of the
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 the face
value of Rs. 10 at such premium, as may be decided by the CCI
between a period of 18 months to 24 months from the date of

1990 - With the Government of India extending the scheme of
broad-banding to bulk ferro-alloys industry since January, the
company 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 and it was
expected to be commissioned in March/April.

- Another letter of intent was received for the setting up of an
100% Export Oriented Unit (EOU) at Dhenkanal in Orissa for the
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's resources and adoption of various cost control

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

- 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 company to
market internationally 2 Nos. of imported DG sets of 5 MW each
were commissioned.

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

1994 - The company 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 Company 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
Region), HRD First Prize for 1994 from CII. (Eastern Region) and
Best Exporter Award for 1994 from Directorate of Export Promotion
Council, Orissa.

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

- The Company has successfully used PLCs for economic use of
Resources like Power and 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 and Outokumpo Finland, IAL has
aggressively added capacities and diversified within the realms
of the 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 & 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 the Mittals-promoted Ispat
Industries Ltd.

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


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

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


- Balasore Alloys Ltd has informed that the Board of Directors of the Company at its meeting held on May 29, 2009 has appointed Mr. Chittaranjan Pradhan, as an Additional Director & Whole time Director (Operations) of the Company w.e.f. May 29, 2009, subject to approval of the shareholders in ensuing Annual General Meeting.
Oct 25, 12:00 am
Oct 25, 4:14 pm
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