Business Standard
Our Markets Bureau / Mumbai January 23, 2007

Ispat Industries surged 8 per cent to settle at Rs 16.59 on thin volumes of over 3 lakh shares.

The stock rose as the company was back in the black with a net profit of Rs 17.52 crore for the quarter ended December 2006 as compared with a net loss of Rs 217 crore in the corresponding period last year.

Total income increased 50 per cent to Rs 1865.3 crore. The company has been in the news over the past one month for increasing the capacity of its plant at Dolvi, Maharashtra, taking the output to 5.4 million tonne, as well as its plans for raising $500 million for the said expansion.

The Telegraph

A STAFF REPORTER

Calcutta, Jan. 20: Integrated steel maker Ispat Industries Ltd has posted a net profit of Rs 17.52 crore for the quarter ended December 31 compared with a net loss of Rs 217.03 crore in the same period of the previous fiscal.

During this period, the P.K. and V.K. Mittal-owned company saw total income (net of excise) increase to Rs 1,865.26 crore from Rs 1,276.65 crore a year ago.

The company’s earnings before interest, depreciation and tax (EBIDT) at Rs 380.99 crore for the quarter was higher by 307 per cent compared with Rs 93.50 crore for the corresponding quarter of the previous fiscal.

Ispat’s hot rolled coil (HRC) production in October-December 2006 was 7.03 lakh tonnes, an increase of over 20 per cent over the same period of the previous year.

HRC production for the nine months ended December 2006 was 19.72 lakh tonnes.

The improved performance was mainly on account of higher production and sales because of higher capacity utilisation and shift towards value added product mix.

Ispat completed its on-going project of installing the fourth shell of the electric arc furnace.

The company is looking to expand its saleable steel-making capacity at its integrated steel complex at Dolvi to 5 million tonnes per annum and install a coke oven plant and a pellet plant to further bring down the cost of production.

Business Standard
Kolkata January 17, 2007

Ispat Industries has signed a memorandum of understanding (MoU) with the Jharkhand government for setting up an initial production of 2.8 million tonne, to be scaled up to five million tonne in phases.

The cost of the integrated steel plant, which would come up at Manoharpur in West Singhbhum district, was estimated to be Rs 6,750 crore.

The land requirement would be around 2,500 acres and work on the project would begin within one year from the date of signing MoU.

The MoU was signed between Vinod Mittal, managing director, Ispat Industries and K K Khandelwal, secretary department of industries in Ranchi.

Vinod Mittal said, "Ispat will also come up with its own rehabilitation package for those displaced because of the project. Ispat also vouches for its corporate social responsibility through community development in areas of health, education, culture and sports."

This is the third major investment plan announced by Ispat in the recent past.

On January 10, 2007, Ispat signed an MoU with the Chhattisgarh government for setting up a 600 megawatt power project at an estimated investment of Rs 2,500 crore.

Ispat also signed an MoU with the Maharashtra in the first week of December 2006 for capacity expansion of its integrated steel plant at Dolvi from three million tonne five million tonne per annum at a cost of Rs 2,000 crore.

The capacity will be increased to 10 million tonne in subsequent phases.

This is over and above Global Steel Holdings, which has a 14 million tonne steelmaking capacity in addition to coke oven plant, refractory plant, power plants, iron ore mining, engineering and ports.

Business Standard
Press Trust of India / Raipur January 10, 2007

Ispat Industries today signed a memorandum of understanding (MoU) with the Chhattisgarh government for setting up a 600MW power project worth Rs 2,500 crore in the state.

"The plant to be constructed in Janjgir-Champa district would be funded in a 70:30 debt-equity ratio and around 300MW would be used for our steel plant at Dolvi in Maharashtra and remaining portion to be sold to consumers," Vinod Mittal, managing director, Ispat, said.

The company is likely to float a special purpose vehicle (SPV) to implement the power project, Mittal said. The plant is likely to be operational by 2011, he added.

The MoU was signed between Mittal and Principal Secretary Energy and Water Resources, Chhattisgarh government Vivek Dhand in the presence Chief Minister Raman Singh.

The Financial Express
Posted online: Friday, January 12, 2007 at 0000 hours IST

RAIPUR, JAN 11: PK Mittal-controlled Ispat Industries Ltd on Wednesday said it is contemplating to raise $500 million through overseas debt bonds for expansion of its steel plant at Dolvi (Maharashtra) from current 3.5 million tones to 5.4 million tones over the next 18 months.

“The plant expansion would require Rs 2,000 crore that would be partly funded by the money raised through debt bonds. The first phase should be over by 2008 end,” managing director Ispat Industries Ltd Vinod Mittal said after singing an MoU with the Chhattisgarh government for a 600 mw power plant. 50% of the total power generated from the plant in Janjgir-Champa district would be routed to the state government, while the rest would be used for its steel plant in Dolvi. The plant, scheduled to commence production in 2011, will be set up with an estimated cost of Rs 2,500 crore.

The project (power plant) is proposed to be funded in a 70:30 debt-equity ratio. Of the total jobs generated 400 would be direct. The company will float a special purpose vehicle (SPV) to implement the power project. As part of the expansion, a second blaster furnace, a coke oven plant and a new slab caster was envisaged to be added. The Chhattisgarh power plant is the second initiative of the company in the field of power generation. It had earlier planned to set up a 1,000 mw plant in Bhadravati in Karnataka.