OCL Iron and Steel Ltd buys B S Ispat

SUNDERGARH: OCL Iron and Steel Ltd via its Special Purpose Vehicle (SPV) - Oriental Iron Casting Limited- has bought 100% stake of B S Ispat Limited which is involved in the business of production of steel and power.

Maharashtra-based BS Ispat Ltd has been set up in 1999. The firm is involved in coal mining, power generation and steel manufacturing. The firm has been given coal mine block such as Marki-Mangli I from the Coal Ministry.

Another group company - Gondwana Ispat Ltd (GIL), incorporated on 5th Oct, 2001 and which is an arm of B S Ispat Limited has been allotted a coal block namely Majra Coal Mine, in Tahsil – Warora District - Chandrapur, Maharashtra. Gondwana Ispat Ltd has been merged into B S Ispat Ltd under a scheme of amalgamation which has been approved in July08.

Orissa-based OCL Iron and Steel produces and sells steel billets and sponge iron products in India. The firm has got a captive iron and coal mines of almost 5-mn tonnes and 20-mn tonnes respectively. It has a sponge unit with 20,000 tonne annual capacity and a 14 Mw power plant.

In 2010, Garima Buildprop bought 60.83% stake in OCL from the outgoing promoters of the firm- Ragu Hari Dalmia and R H Dalmia Trust and further bought 15.38% stake via open offer, which lead to the buyout of 76.21% stake in the firm and subsequently became the holding firm of OCL.