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Panchmahal Steel Ltd. Company History and Annual Growth Details
The present promoters of company are Shri Ashok Malhotra and Shri R.L.Malhotra.
Panchmahal Steel Limited (PSL) was incorporated in 1972 as a Private Limited Company promoted by Dr.V.R.Patel and Smt.K.V.Patel for the manufacture of 18,000 tpa of mild steel ingots. PSL became a sick unit and a winding up petition was filed by the creditors in February, 1976, the Gujarat High Court sanctioned the takeover of PSL by Mr.R.L.Malhotra and Mr.Ashok Malhotra from the previous management.
The capacity of the SMS Plant was increased to 75,000 tpa. In 1981, the method of casting of billets was changed from ingot casting to continuous casting. Rolling facitlites were set up in 1982 and secondary refining facilities such as ladle furnace and argon secondary metallurgy (ASM) were commissioned in 1986. Company switched over from production of mild steel to carbon, alloy and stainless steel. Currently about 80% of company's output is stainless steel and the balance is carbon and alloy steel.
2001 - The Company allottment of 60,00,000 equity shares of Rs 10 each for cash at par to promoter/promoter group on preferential basis.
-Mr Deepak Nagar has been appointed as Company Secretary & Compliance Officer of the company.