Jayaswal Neco Industries Ltd Company Summary

Jayaswal Neco Industries Ltd Summary

Jayaswal Neco Industries Limited (Formerly Jayaswals Neco Limited) was incorporated on Nov 28, 1972. Nagpur Engineering Company (NECO), the flagship of the NECO Group is presently promoted by Nisha Jayaswal, Rita Jayaswal, Basant Lall Shaw and Arvind Kumar Jayaswal. The Company has manufacturing facilities located in States of Chhattisgarh and Maharashtra and is primarily engaged in manufacture and supply of Pig Iron, Sponge Iron, Pellet, Steel and Iron & Steel Castings.Commercial operations commenced in 1976 to manufacture cast iron pipes and fittings by setting up the first foundry at Nagpur. It specialised in the manufacture of grey iron castings for railway tracks such as sleepers, brake blocks, bearing plates and municipal/public works castings such as soil/rain water pipes and fittings, manhole covers, etc.In 1987, the second foundry unit was established at Bhilai, MP. With a further increase in demand, the third unit was established in Anjore, MP, in 1991.To diversify its activities, NECO purchased a newly erected solvent extraction plant with a crushing capacity of 200 tcd and refining capacity of 25 tpd in Mar.93. This was subsequently enhanced to 500 tcd and 50 tpd respectively. The company came out with a public issue in Dec.94 to fund the expansion-cum-modernisation.In 1995-96, the company proposed to set up a coal washery project in the Chhindwara district of Madhya Pradesh with a capital outlay of Rs 41 cr.During the year ended Dec96, the company has approved the scheme of Amalgamation of Nagpur Alloy Castings Ltd along with Jayaswals Neco Ltd into the company w.e.f 1st Apr96.The company has been granted ISO 9002 Certification during the year 1998-1999, for Engineering Castings Division, Centricast Division and Steel Plant Division. A new Subsidiary Company NECO GLOBAL INC. has been formed in the State of Texas, USA, inorder to offer better services to the customers and also to expand export market further.Inertia Iron and Steel Industries Private Limited (IISIPL), Corporate Ispat Alloys Limited (CIAL) and Abhijeet Infrastructure Limited (AIL) merged with Company in November, 2008 through Schemes of Arrangement, which was made operational effective from the Appointed Dates viz. 31st March, 2008, 1st April, 2008 and 1st April, 2008 respectively. Upon transfer of the Assets and Liabilities of the Transferor and Demerged companies pursuant to the Schemes, the following major facilities became the integral part of the Integrated Steel Plant of the Company at Raipur including Sinter Plants of 8 Lac TPA capacity; Steel Melt Shop of 3.34 Lac TPA capacity; Bar and Wire Rod Rolling Mills of 4.5 Lac TPA capacity; Sponge Iron Plants of 2.55 Lac TPA capacity and Captive Power Plants of 27 MW capacity. The Company commenced production in Wire Rod Mill as well as Bar Mill during the year 2010.During the year 2011, Ispat Alloys Limited got merged with Company for demerger of its Steel Division at Siltara, Raipur through Scheme of Arrangement effective from 1st April, 2008. The Company set up 12 Lacs TPA Iron Ore Pelletisation Plant in the existing Integrated Steel Plant Complex at Raipur in 2015. The Company commenced implementation of various facilities in the States of Chhattisgarh and Jharkhand. It had also undertaken need based additional revamping and modification schemes to achieve smooth operations of some of the existing facilities at Raipur and enhanced capacity of the Automotive Casting Division in Nagpur.During the period 2016-17, the Company had sold its investment held in its subsidiary Jayaswal Neco Urja th Limited (JNUL) and thus, JNUL ceased to be the subsidiary of the Company w.e.f. 28 November, 2016.