|Steelco Gujarat Limited (STEELCO) was incorporated as a public
limited company on 9th January, under the Companies Act, 1956
with the Registrar of Companies, Gujarat, at Ahmedabad. STEELCO
obtained a Certificate of Commencement of Business on 20th
STEELCO has been promoted by SPICA Investments Limited, Mauritius
(NRI Promoting Company), a Company of the Chandaria Family, which
controls an International Group, having vast experience in the
steel industry and by Essar Gujarat Limited (Indian Promoting
THE CHANDARIAS /'COMCRAFT GROUP'
The contribution equivalent to 40% of total Equity of STEELCO is
being made by SPICA Investments Limited, Mauritius, (SPICA).
SPICA is an Overseas Body Corporate, predominantly owned and
controlled by the Chandaria Family who are Non-Residents of
-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.
-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.