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.
UltraTech Cement Ltd. which was trying to buy the cements business from Jaiprakash Associates Ltd in a $2.3 billion deal, has met some road blocks as the debt ridden Jaypee Group has been unable to meet certain financial commitments including clearing statutory dues and providing working capital for the plants under review.