OCL Iron & Steel Acquires BS Ispat
OCL Iron And Steel Ltd has acquired 100% stake in BS Ispat Ltd through its SPV - Oriental Iron and Casting Ltd.
Maharashtra based B.S Ispat Ltd was established in 1999. The company is engaged in coal mining, power generation and steel manufacturing. The company has been allotted coal mine block namely Marki-Mangli I from the Ministry of Coal located at Tahsil – Jhari Jhamni, District – Yeotmal of Maharashtra.
Another group company namely M/s. Gondwana Ispat Ltd. (GIL), incorporated on 5th Oct, 2001 and which is a 100% subsidiary of B S Ispat Limited has also been allotted a coal block namely Majra Coal Mine, in Tahsil – Warora District - Chandrapur, Maharashtra. Gondwana Ispat Ltd was merged into B S Ispat Ltd under a scheme of amalgamation which was been approved by Hon'ble High Court in July08.
Orissa based OCL Iron and Steel manufactures and sells steel billets and sponge iron products in India. The company has captive iron and coal mines of around 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, working on waste heat produced by the plant.
In 2010, Garima Buildprop acquired 60.83% stake in OCL from the outgoing promoters of the company - Ragu Hari Dalmia and R H Dalmia Trust and further acquired 15.38% stake from the general public through open offer, which resulted in acquisition of 76.21% stake in the company and subsequently became the holding firm of OCL.
Earlier in Jan'11, Amtek Auto acquired 10% stake in Garima Buildporp Private Limited.
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|2012-01-02||B S Ispat Ltd - OCL Iron||M&A||
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