BSE:533265 | NSE:GALLISPATEQ | 58888: | IND:Steel - Integrated | ISIN code:INE528K01029 | SECT:Metals - Ferrous
The Company History page lists out the major events in chronological order for Gallantt Ispat Ltd.
|Company History - Gallantt Ispat Ltd.|
|Our Company was incorporated as Gallantt Ispat Limited on February 11, 2005 and received its Certificate for Commencement of Business on February 16, 2005, under the Act, with CIN U27109 WB2005PLC101650 of 2005 with the Registrar of Companies, West Bengal.
On February 11, 2008 our Registered Office was shifted from 21, Hemant Basu Sarani, 3rd
Floor, Room No-306, Kolkata-700001 to Ashyana, 29C, Bentinck Street, Kolkata - 700 069, West Bengal, India, our present address.
Further, pursuant to Board resolution dated June 24, 2010, the registered office of our Company was changed from Ashyana, 29C, Bentick Street, Mizzen Floor, Kolkata - 700 069 to 11, Crooked Lane, Second Floor, Kolkata - 700 069. These changes were carried out to enable greater administrative efficiencies.
Our company is one of the growing companies in Uttar Pradesh engaged in the manufacturing and marketing of Sponge Iron, Mild steel billets, Re-Rolled products (TMT bars) and Flour.
Our Company is promoted by Mr. Chandra Prakash Agrawal, Mr. Prem Prakash Agarwal, Mr. Nitin M Kandoi, M/s Chandra Prakash Agarwal & Sons HUF and M/s Gallantt Metal Ltd.|
Our Company was incorporated with a view to setup an integrated steel plant and modern roller flour mill at Sector-23, GIDA, Sahjanwa, Gorakhpur- Uttar Pradesh, to manufacture Sponge Iron, Mild steel billets, Re-Rolled products (TMT bars), flour. Considering the power requirements of our existing manufacturing facilities, our Company also proposes to setup a captive power plant to meet its present requirement of power. Our Company has already commenced commercial productions for Mild steel billets, Re-Rolled products (TMT bars) in May 2009 and flour in March 2009. Our Company also proposes to expand its business into Sponge iron production and has commenced the trial production in September, 2010.. Our Company has appointed M/s Industrial Technical Consultant, Raipur (ITCR) as its technical consultant for the proposed Sponge Iron Plant, M/s Akal Sahae Engineers for the Rolling Mill Division and M/s. Avant Garde Engineers and Consultants Pvt. Ltd., Chennai (AGECPL) will be appointed for the Captive Power Plant. Incase of Mild steel billets, M/s Gallantt Metal Limited, our promoting Company, has already developed a technical team at its existing Gorakhpur plant and Bhuj, Gujarat plant. The same team has been utilized for setting up the Mild steel billets plant. The in house consumption of entire Sponge Iron to manufacture billets which is further rolled into TMT bars along with installation of captive power plant to utilize the waste heat would improve the profitability of the project thereby making it economically more viable. At GIL, success is measured in terms of customer satisfaction and quality that is built into every product. The value of commitment to quality is also cherished by each of the 297 staff members. Our Company has met standards of Bureau of Indian Standards and has received the IS 1786:2008 certification for high strength deformed steel bars for concrete reinforcements (TMT).
Setting up the integrated steel plant and flour mill in Gorakhpur, Uttar Pradesh also provides our Company with benefits like Interest free loan equivalent to Sales Tax Amount for a period of 15 years, Transport subsidy for 15 years, 20% subsidy of fixed capital investment, 5% additional subsidy of fixed capital investment being first unit under this scheme and Exemption of Mandi tax-2% on wheat purchase, among other benefits. On October 1, 2007, the General Investment Division of Gallantt Udyog Limited demerged into our Company. The scheme was approved by the High Court of Calcutta on June 18, 2008. Pursuant to the scheme, 1,63,49,632 Equity Shares were allotted to the shareholders of Gallantt Udyog Limited, as on the effective date. On April 1, 2008, Zircon Commercial Private Limited, D.R. Advisory Services Private Limited, Mantra Vanijya Private Limited, Dynasty Sales Private Limited, Sridhar Tie-Up Private Limited, Sanhati Tradlink Private Limited Mrinmoyee Sales Private Limited amalgamated with our Company. The Scheme was approved by the High Court of Calcutta on March 12, 2009. Pursuant to the scheme, 4,50,000 Equity Shares were allotted to the shareholders of our Company as on the effective date.
Major Events: Year Events
February 11, 2005 Incorporation of the Company
February 16, 2005 Received Certificate of commencement of Business
September 30, 2007
Issued bonus shares to our members in the ratio of seven Equity Shares for every three Equity Shares held
October 1, 2007
General Investment Division of Gallantt Udyog Limited demerged into our Company
April 1, 2008
Zircon Commercial Private Limited, D.R. Advisory Services Private Limited, Mantra Vanijya Private Limited, Dynasty Sales Private Limited, Sridhar Tie-Up Private Limited, Sanhati Tradlink Private Limited and Mrinmoyee Sales Private Limited amalgamated with our Company
November 17, 2008
Entered into a consortium agreement with the State Bank of India, State Bank of Mysore and the State Bank of Patiala for availing an amount of Rs. 12,600 lacs
March 4, 2009
Start of commercial operations of flour mill with an installed capacity of 1,08,000 MTPA May 11, 2009 Start of commercial operations of steel melt shop with an installed capacity of 1,62,380 MTPA
Start of commercial operations of rolling mill with an installed capacity of 1,67,400 MTPA
October 15, 2009
Received quality certification, IS 1786:2008 from the Beaureau of Indian Standards for high strength deformed steel bars and wires for concrete reinforcement (TMT)
April 30, 2010 Vide letter number PRJ - 2006 - Subsidy/783 dated April 30, 2010, our Company received a sum of Rs. 24.28 crores from the Government of Uttar Pradesh, towards part disbursement against the capital and infrastructure subsidy.
September 06, 2010 Commenced the trial production of our Sponge Iron Unit.
-Upendra Tiwari & Associates, Cost Accountants, has been appointed as Cost auditors of the company
-Commencement of Commercial Operation of Captive Power Plant
-Registered Office of the Company has been shifted 11, Crooked Lane, Second Floor, Kolkata - 700 069 To 1, Crooked Lane, Second Floor, Room No. 222 & 223, Kolkata- 700 069.
-Gallantt Ispat has considered and recommended dividend of 5%, i.e. Re. 0.5/- per equity share
-Structural Mill forming part of Re-Rolled Products Unit of the Company has been fully installed
2013 -Gallantt Ispat Ltd Board recommends Dividend of 5%, i.e. 50 Paise per equity share of face value of Rs. 10/- each
2014 -Gallantt Ispat Ltd has informed that the Board of Directors of the Company has considered and recommended dividend of 5%, i.e. 50 paise per equity share of face value of Rs. 10/- each.
2016 -Gallantt Ispat Ltd has "Acquisition of Shares of Shree Surabhi Flour Mills Pvt. Ltd by the Company".
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