|Incorporated as Inducto Steel Private Limited on 29th November, 1988 in the State of Gujarat under the Companies Act, 1956 and subsequently converted into Public Limited Company by passing a Special Resolution on 12.12.1994. The Company has obtained fresh certificate of Change of Name under the Companies Act, 1956 dated 10.02.1995 from Registrar of Companies, Gujarat, Ahmedabad.
The Company was incorporated for manufacturing of Steel Castings and Ingots. In 1989, the company has taken up project to manufacture steel castings and ingots and started commercial production in November, 1989. The company made cash profit of Rs. 18.03 Lacs in first year of
operation i.e. 1989-90 and thereafter making profits consistently. The company has become partner in M/s Hariyana Impex, engaged in merchant exports, from 1st April, 1995 for a share of 15%.
-Company has recommended Equity Dividend @ 5%.
-Company has purchased a OBO (ORE/BULK/OIL) Ship named M.V. AUGUSTA weighing 17411.90 M.T. from Karina Shipping Ltd, Kingstown for US$ 4.34 million for ship breaking activity.
-Company has purchased a Panamax Bulk Carrier (Gearless) Ship named M V LANCELOT weighing 11497 M.T. from Baltanas Shipping Ltd, Charlestown, Nevis for US$ 2.78 million for ship breaking activity.
-The company recommended a dividend on Equity shares at Rs. 3/- per Share.
-The company office shifted to 156, Maker Chambers VI,220, Jamnalal Bajaj Marg,Nariman Point,Mumbai - 400 021.