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Mukand Ltd. Company History and Annual Growth Details

1937 - Mukund Ltd. was incorporated on 29th November, at Mumbai.
The company is engaged in general engineering work and
manufactures iron & steel products, steel castings, steel
structurals, EOT and other cranes, and various types of
industrial machinery.

- The steel melt shop established continuous sequence casting with
flying tundish practices and introduced a special techique for
alloy additions.

- The vendors' business was taken over as a going concern as and
from 21st October. The business of Hindustan Iron and Steel
Products, Ltd. was also taken over by the Company from its

- 59,000 No. of Equity shares and 5,900 Defd. shares issued.

1944 - 68,750 Right Equity shares issued in the prop. 1:2.

1946 - 10,000 Right Pref. shares in propn. 1:20.

1958 - 2,04,725 Right Equity shares in propn. 1:1.

1960 - 4,09,450 Right Equity shares in propn. 1:1.

1963-67 - 1,00,000 Right Equity shares propn. 1:8, 9,18,900 Right Equity
shares in propn. 1:1.

1970 - 2,44,601 Bonus Equity shares issued in March 1970, in the propn.

1972 - 2,691,075 Bonus shares issued in the propn. 1:1.

1976 - 26,91,187 Bonus Equity shares issued in the propn. 1:2 in July

1979 - Mukand Holdings Pvt. Ltd. was incorporated on 23rd June, as an
investment Company. It became a wholly owned subsidiary of the
Company and also a public limited Company with effect from 30th
June. As at 31.3.1993, the Company held all the 1,24,950 No. of
equity shares of Rs 100 each issued by this subsidiary.

1983 - Ladle refining furnace and the vacuum degassing station were
successfully commissioned.

- 17,50,000 No. of Equity shares issued at a premium of Rs 5 per
share in conversion of 13.5% debentures.

1984 - The 10.5 metre radius bloom caster, the largest in India, was
commissioned in October.

- The Company formed a research and development division effective
from 1st January.

- As on 30th June, the Company revalued its land, roads and

1985 - The Company's application for collaboration with Advanced Design
Materials Corporation, U.S.A., was approved by Government.

- The Company as on 30th June, revalued its plant and machinery and
the resulting increase of Rs 27,48,78,249 was credited to
revaluation reserve.

- The Company was formed to acquire the business being carried on
under the name and style of Mukand Iron Works, Mukand Steel
Rolling Mills and Mukand Steel Foundry since 1920.

1986 - Basic engineering package was received from BBC Brown Boveri,
Switzerland and the whole project was implemented during the

- The R&D introduced super steel - 60 bars. The controlled surface
layer (CSL) process developed for colouring stainless and alloy
steel components for decorative purposes was fully established.

1987 - The Modernisation programme included top and bottom blown
converter and additional roughing stand for the bar mill. The
converter was the first of its kind to be used for bulk
production of stainless steel.

- The Company installed tools like scanning electron microscope and
automatic computer controlled polishing machines. The R&D units
designed and installed a pilot plant for production of larger
quantities of coloured stainless steel components.

1988 - The oxygen top and bottom blown converter was installed. The
dust collection system was also installed and commissioned during
the period.

- 49,11,781 Bonus shares issued in the propn. 1:2.

1989 - Effective from 23rd March, the company's name was changed from
"Mukand Iron & Steel Works Ltd." to "Mukand Ltd.". This was done
to reflect this company's corporate identity in view of its
diverse operations.

- The Company supplied the bulk of the equipment for medium
merchant and structural mill to Rashtriya Ispat Nagam Ltd.

- The Company developed both Railway and Non-Railway castings like
side frames, bolsters, speciality couplers and track pads for the
USSR and wear - resistant castings for the American and Japanese

- An electro-magnetic stirrer and an auto mould level controller
had been installed in the bloom caster to provide for improved
internal structure of the blooms. The Company also installed an
automatic pendulum type shot blasting machine, a machanised sand
supply system, pollution control equipment etc.

- Mukand Dravo Wellman Pvt. Ltd. became a subsidiary of the
Company. As at 31.3.1993, the Company held 7,20,000 No. of
equity shares of Rs 10/- each in the subsidiary.

- Effective from 23rd March, the Company's name was changed from
"Mukand Iron & Steel Works, Ltd." to "Mukand Ltd." This was done
to reflect the Company's Corporate identity in view of its
diverse operations.

1990 - Production and sales of steel and alloy castings were lower
mainly due to a short fall in the sales/exports to USSR and lack
of additional orders for bogies and couplers from Railways.

- The major jobs undertaken during the year consists of heavy duty
cranes ranging in capacity from 140 tonnes to 200 tonnes and iron
ore handling equipment.

- A bell furnace was installed to spheroidise annealing of wire
rods for ball bearing and other applications.

- Mukand Soviet Engineering Ltd. a joint venture with two leading
Soviet Organizations - Gipromez and Tyazhpromexport, became a
subsidiary of the Company. As at 31.3.1993, the Company held 60
equity shares of Rs 10 each in the subsidiary.

1991 - The Machine Building Division manufactured and supplied 11,000
tonnes of major machanical equipment apart from successfully
completing the order for supply of equipment for the Medium
Merchant and Structural mill to Visakhapatnam steel plant. In
addition, the unit also manufactured equipment for sponge iron
plants and vacuum degassing equipment for mini steel plants and
portal type scrapper reclaimer for exports.

- During the year, orders were received from SAIL for supply of
Oxygen furnace equipment for its Rourkela steel plant
modernisation project.

- Exports increased due to better quality of products, introduction
of new products, break through in new markets like Latin American
countries and countries of Northern Europe. Some of the new
items introduced for exports were carbon steel fasteners made
from steel manufactured by the Company.

- Casting facilities in the steel plant were being modernised and
the Company proposed to add ladle refining, vacuum degassing and
rolling facilities.

- Some of the additions made were hot briquetted iron feeding
systems on the melting furnace, finishing facilities like
spheroidised annealing furnaces, heat treatment furnaces and
straightening machines.

- The R&D activities were carried out in heat treatment and
development of import substitution steel viz., ball bearing, cold
heading quality steel. Also, further studies were carried out in
on surface finish, machinability and crack formation in stainless
steel, free cutting steel and special steel.

1992 - The Machine Building division received preliminary acceptance
certificate for successful commissioning of 11,000 TPA of
equipment for medium merchant and structural mill project of
Visakhapatnam steel plant.

- The Company also supplied and commissioned equipment of sponge
iron plant for Bellary Steel and Alloys Ltd. & Raipur Alloys &
Steel Ltd.

- The machine building division undertook a major expansion project
for augmenting the machining facilities and increasing the shed
area for fabrication and assembly activities.

- The Company had set up Engineering Construction Division to
undertake such services as feasibility surveys, project
engineering and contracts in the engineering, chemical and
metallurgical industries for site fabrication, equipment
installation, piping, etc. as well as turnkey jobs.

- Becom Engineering Co. Ltd., merged with the Company on 20th
October and became a division of the Company.

- The Becom Engineering Division developed new models of heavy duty
lathe, plano miller, high spindle torque lathe, oil country lathe
and deep hole drilling machines.

- Wire rod mill unit No. 2 was commissioned and with this, the
Company hoped to produce wire rods of new and stringent grades of
special steel and improve the quality of the present products to
cater to the needs of the discerning and demanding customers.

- During September-October, the Company offered 36,94,744 No. of
equity shares of Rs 10 each at a premium of Rs 90 per share on
Rights basis in the proportion 1:4 (all were taken up).

- Another 1,84,737 No. of equity shares of Rs 10 each at a premium
of Rs 90 per share were also offered to employees' on an
equitable basis. (all were taken up).

- Simultaneous to the above Rights Issue, the Company offered
36,94,744-16% secured redeemable Non-convertible debentures of Rs
325 each with detachable equity warrants on Rights basis in the
proportion 1 debenture: 4 equity shares held.

- Another 1,84,737-16% secured Non-convertible debentures of Rs 325
each with detachable equity warrants were offered to employees on
an equitable basis. (only 1,82,179 debs. taken up).

- The detachable warrants, to be separately listed on the Stock
Exchange, enable the holder to apply for 1 equity share of Rs 10
each for cash at a price not exceeding Rs 100, within 24 months
from the date of allotment of debentures. These debentures are
to be redeemed in five equal annual instalments beginning at the
end of 5th year from the date of allotment of debentures.

1993 - The Company transferred the business of Engineering Construction
Division to Mukand Engineers Ltd. in order to concentrate on the
main business.

- As on 1st March, the Company allotted 23,759 No. of equity shares
of Rs 10 each in the proportion 1 equity: 35 shares held in Beco
and 1 equity: 6 Pref. held in Beco. The Company sold the assets
of Batala Unit of erstwhile Beco Engineering Co. Ltd.

1994 - The Company proposed to transfer machine building division to the
newly formed company named Mukand Industrial Machinery Ltd.

- The Company installed an electro-magnetic stirrer and auto mould
level control equipment in order to get better quality of steel,

- The company installed the new technology of chemically bonded
sand system and suitable processing facilities to step up the
output of bright bars and steels.

- 33,70,500 Shares (Prem. Rs 315 per share) allotted to FIIs, FIs
and Corporate Bodies on private placement basis. 38,76,923
shares (Prem. Rs 90 per share) to equity warrant holders.

1995 - The Steel Foundry division undertook to enlarge the share of
high value alloy and stainless steel castings in the product-mix.

- The Rolling Mill division set up and commisioned solution
annealing furnaces and related downstream facilities for coil
finishing. It was proposed to install facilities for annealing
of cold heading quality steels with a view to providing better
services to the fastener industry and meet international

- Import substitution products were developed during the year, for
fastener manufacturers and fine wire drawing units.

- The Company received approvals to commence construction for an
area of about 2 lakh sq. ft. The company proposed to develop
a hotel site therein.

- The Company achieved break through in new markets like Suria,
South Africa and South East Asian Countries. The Company has
developed casting for customer in Europe & the USA.

- The Company has signed agreements with five ministeel plants for
providing technical know-how for electric steel manufacture. In
some of these the Company is also rendering service for
supervision of construction, erection and commissioning of

- With the continuous steep increase in cost of scrap and
electricity, production of steel through electric furnace route
was being uncompetitive vis-a-vis main producers.

- The Company proposed to have a alliance with Kalyani Ferrous
Industries Ltd. which is setting up a mini blast furnace at
Hospet, Karnataka. Under the term of the alliance, the Company
would install facilities for converting hot metal into steel.

- The Company would buy hot metal from Kalyani and convert it into
steel billets & blooms and sell a part of output to Kalyani Steel

- Necessary permission were received from Govt. of Karnataka to set
up a steel plant with a capacity of 1.25 million tonnes p.a. The
steel plant was to be set up by a new Company of which Mukand was
to be a major promoter.

- The Company was promoted through joint venture to manufacture
stainless steel billets and flats at Jodhpur.

- The Company received for an industrial license for substantial
expansion of its steel making capacity from 1,35,000 tonnes to
2,70,000 tonnes per annum.

- Mukand Industrial Machinery Ltd. became a wholly owned subsidiary
of the Company with effect from 31st March.

- 2,259,250 No. of Equity shares allotted on exercised of
conversion warrants.

1996 - Trip hummer testing fascility designed in-house was commissioned.

- The Company intensified its multipronged efforts for cost
reduction by improving yields and by securing reduction in
alternate raw materials.

- The Company entered into technical know-how agreement with a
leading Japanese consultancy firm which would study the company's
operations and would implement know-how including training of
personnel by the Japanese.

- Two short-time cycle furnaces imported from USA were installed
for heat treatment of wire rods.

- The Company installed the largest bloom caster in the country to
cast blooms upto the size 250 mm square. The Company also
undertook rehabilitation and modernisation of the bar mill at

- The Company signed a MOU with Mitsui Engineering Services, Japan
for co-operation in Indian for manufacture of cranes for
container projects.

- A surface wheel lathe for Indian Railways, a hevy duty roll
turning CNC lathe with an admit of 6 inches between centre and a
heavy duty CNC roll turning lathe of 20 tonnes were developed.

1997 - As at 31st March, a sum of Rs 8250 lakhs was outstanding against
term loans from financial institutions.

1998 - The International Aluminium Products Ltd. was to have a capacity
of 50,000 tonnes of rolled products p.a. and was likely to be
commissioned in early of the year.

- The joint venture company was floated by Mitsui Babcock Energy
India Private Ltd, a subsidiary of the Britain-based global
engineering company Mitsui Babcock Energy Ltd, and Mukand Ltd,
an Indian engineering company.

- The company has signed a memorandum of understanding with Hitachi
to supply boilers to Hinduja National Power promoted Vizag power
project. The company is also talking to National Thermal Power
Corporation to supply boilers to its Talcher project.

- Crisil has downgraded the non-convertible debenture issues of
Mukand from A+ to BBI+.

- Mukund Limited, a part of Bajaj Group, manufactures 23 grades and
600 types of castings including carbon steel, manganese steel and
stainless steel.

1999 - Mukand Ltd, the alloy steel major, has given itself a six month
deadline to bring down rejection levels by over 50 per cent at
its manufacturing facilities at Kalwe district in Maharashtra
and Hospet (in Karnataka).

- To improve the quality of its steel grades, Mukand has developed
a new technique to strike an effective co-relation between the
contaminants in steel making and the metallurgical features of
stainless steel.

- Mukand, which is a pioneer in steel making and engineering, has
developed a series of innovative technological processes to cope
with the current slump in the industry.

- Mukand Ltd is one of the largest stainless and alloy steel
manufacturers in the country.

- Mukand Ltd, a leading steel making and engineering company, has
as a part of the company's overall corporate strategy, developed
a series of innovative technological processes to cope with the
current slump in the industry.

- In a bid to beat the current slump in the steel industry, Mukand
Ltd has developed a series of technological processes to reduce
production costs, eliminate defects and customise its products to
suit the needs of customers.

2000 - Mukand Ltd., leading private ISP Satyam Infoway and
Calcutta-based M K J Enterprises have entered into a joint
venture agreement to launch a new company for an e-commerce
global portal or web marketplace for steel trading.

- The Company has decided to close down its foundry unit at Kurla
in Mumbai.

- Rahul Bajaj has been appointed as the new Chairman of the Company.

- Alloy Steel maker Mukand has introduced a Voluntary Retirement Scheme
at its Kalwe plant in Maharashtra


-Enters the capital market with a rights issue of shares in the ratio of nine shares for every four shares held to raise Rs 50.64 crore. The offer price is Rs 10 per share

-Jamnalal Sons Pvt. Ltd. have acquired 205,35,981 equity shares representing 28.076% of the total paid up capital of Mukand Ltd

-Mukand Ltd has appointed Shri. K M Jayarao as the Nominee Director of ICICI Bank Ltd on the Board of the Company in place of Smt. Vishakha Mulye with effect from May 10, 2007.


-Kalpataru emerges as highest bidder for Mukand's Kurla foundry.

-Mukand Ltd has earmarked an investment of Rs 120 crore to increase alloy steel capacity by 40 per cent and stainless steel by nearly 80 per cent within a couple of years.


-Shri. K. J. Mallya, a qualified Company Secretary has been appointed as Company Secretary of the Company.

-The Board of Directors has recommended payment of dividend (including arrears) @ 0.01% on the Preference capital of the Company.


-"Shri K.M. Jayarao has been appointed as the Nominee Director of ICICI Bank Ltd. on the Board of the Company.


-Joint Venture Agreement with Vini Iron & Steel Udyog Ltd for captive mining of coal block in the State of Jharkhand as per the letter for allocation of coal block issued by Government of India, Ministry of Coal.


-Shri Amit Yadav has been appointed as the Director of the Company.


-Mukand Bekaert Wire Industries Pvt. Ltd. was formed as a 50:50 Joint Venture of Mukand Ltd. and NV Bekaert SA.


-"Formation of Joint Venture with Sumitomo Corporation, Japan & sale of Cold Finished Bars & Wires Business to subsidiary, Technosys Metal Processing Ltd."

-Mukand has announced Rights in the Ratio of 1:1.