Steelco Gujarat Ltd

Incorporated in January, 1989, Steelco Gujarat Limited is promoted by SPICA Investments, Mauritius, belonging to Chanderias (the NRI group), and Essar Gujarat (11% stake). The company has a technical collaboration with Hitachi, Japan, for setting up a cold-rolling mill with performance guarantee and for training all the employees of the company. Steelco has a technical support agreement for an electrolytic cleaning line with Nippon Denro, Japan. The Company's commercial production of cold rolled steel products started in 1994 with cold rolling of steel continuous hot dip galvanising line in 1997. The company was referred to BIFR in 1997-98. BIFR has decalred the company as a Sick Company and has appointed ICICI as an operating agency. ICICI, the OA, has submitted its report to BIFR, a draft scheme of rehabilitation of the comany, which is under consideration by the FIs/Banks. Since the Rehabilitation Scheme sanctioned by BIFR could be implemented on 28 March, 2002 the benefit of the same could be realised only during last six months of the year, which helped to restrict the losses of the year to Rs.5.86 Crores in comparison to Rs.22.04 Crores for previous period of 18 Months. The Rehabilitation Scheme sanctioned by BIFR on 6m September, 2001 and subsequently amended on 19 November, 2003, was completely implemented in all its aspects resulting the Company to positive net worth. Since the Company was unable to meet the increased demand for its galvanised products due to limited existing facilities, it installed an additional Continuous Galvanising Plant with a capacity of 48,000 MT per annum, which commenced commercial production from May, 2004. Thereafter, Company commissioned its narrow rolling mills complex in 2010-11. The Colour Coating Line (CCL) commissioned from June 2017 onwards and was put to operation. Since the Company was unoperational since November, 2019, it was admitted to Corporate Insolvency Resolution Process (CIRP) dated 31.12.2020 by Hon'ble National Company Law Tribunal, Ahmedabad Bench Earlier, during the CIRP, the Company was managed by CA Mr. Nirav Anupam Tarkas. At present, Company is engaged in manufacturing of GP/GC coil sheets and CR coils and sheets and the factory is located at Palej in Bharuch District of Gujarat. The Company is accredited for the manufacturing and supply of CR steel sheet/coils/strips, CR galvanized plain/corrugated sheet/coil/strips and pre painted galvanized sheet/coils.