Maithan Alloys Ltd Company Summary

Maithan Alloys Ltd Summary

Maithan Alloys Limited is manufacturer and exporter of all three bulk Ferro alloys- Ferro Silicon, Ferro Manganese and Silico Manganese and has a captive power plant. It is also engaged in the generation and supply of Wind Power and has a Captive Power Plant. Headquartered in Kolkata, the company is promoted and managed by the Asansol-based Agarwalla family that possesses extensive multidecade industry experience and exposure. The Companys manufacturing facilities are located at Kalyaneshwari (near Asansol, West Bengal) and Ri-Bhoi (Meghalaya). The Company has a manufacturing facility at APSEZ Vishakapatnam (Andhra Pradesh), through its subsidiary. Maithan Alloys Limited was incorporated in the year 1985. The Company commenced commercial production in 1997 with 10 MVA; it grew its installed capacity by 7.5 MVA in 2000 and 8.25 MVA in 2004 when the market for manganese alloys was weak, indicating its commitment to the business. Further 24MVA was added in 2007 This was followed by setting a new unit with 15 MVA furnace capacity along with 15 MW powerplant in Meghalaya. The result is a capital cost per MVA that is attractively lower than the prevailing greenfield benchmark.As of March 31, 2010, it had a manufacturing capacity of 64 megavolt ampere. As of March 31, 2010, the Company had an installed capacity of 1,15,600 million tons of ferro alloys, and 3.75 megawatts of wind mill. During the fiscal year ended March 31, 2010 (fiscal 2010), it generated 6,223,507 kilowatt hour of power. During fiscal 2010, its Kalyaneshwari unit produced 58,275 million tons, and the Meghalaya unit produced 18,176 million tons. During fiscal 2010, the Company started its Meghalaya operation with 15 megavolt ampere and captive power generation.Anjaney Alloys Limited became wholly owned subsidiary company of Company during the year 2012-13 through acquisition of 1,53,75,000 Equity shares of Rs. 10/- each by Maithan Alloys Limited.Anjaney Alloys Limited, a wholly owned subsidiary of the Company was amalagamated with the Company in year 2016 through the Scheme of Amalgamation, which became operative on 4th May, 2016. As a result, the undertakings including all assets and liabilities of Anjaney Alloys Limited was transferred and vested into Maithan Alloys Limited (the Company) with retrospective effect from 1st April, 2015. However, due to amalgamation of Anjaney Alloys Limited, the wholly owned subsidiary of the Company, with Maithan Alloys Limited, there remains two subsidiaries of the Company namely M/s. Anjaney Minerals Limited and M/s. AXLExploration Pvt. Ltd. for the year ending 31st March, 2016.During year 2017-18, the Company acquired entire equity shares of Salanpur Sinters Private Limited and beneficial interest in remaining 6 equity shares of Anjaney Minerals Limited. Consequently, both Salanpur Sinters Private Limited and Anjaney Minerals Limited became whollyowned subsidiaries of the Company, with effect from 28 November 2017.Bhagwati Syndicate Pvt. Ltd. (BSPL), a member of the Promoter Group of Company, through a Scheme of Amalgamation became owner of additional 1,57,56,576 shares representing 54.12% of the paid-up share capital of the Company which were hitherto cumulatively held by other Corporate Members of Promoter Group of the Company namely Aaklavya (India) Pvt. Ltd., Anupam Vanijya Private Limited, Dipajyoti Resources Pvt. Ltd., H. S. Consultancy Pvt. Ltd., Jibralter Traders Ltd., Jyobina Investment Ltd., Maithan Smelters Private Limited, Shakti Auto Finance Pvt. Ltd., Sumee Trading Pvt. Ltd., Summit Packaging Pvt. Ltd. and Unmukt Tracom Pvt. Ltd., as they stand amalgamated into BSPL with an effective date of 14 January 2020. Accordingly, holding of BSPL in the Company became 1,61,86,576 shares representing 55.60% of the paid-up share capital of the Company. Consequently, BSPL became holding company of Maithan Alloys Limited.Maithan Ferrous Private Limited was incorporated on 5 December 2019 as a wholly-owned subsidiary of Company. The Board of Directors of the Company in its meeting held on 5 May 2021 approved a Composite Scheme of Arrangement amongst Ma Kalyaneshwari Holdings Private Limited (MKH or Demerged Company or Transferor Company) and Anjaney Land Assets Private Limited (ALAPL or Resulting Company) and Maithan Alloys Limited (MAL or Transferee Company or Company) and their respective shareholders and creditors, for the demerger of Real Estate and Ancillary Business of MKHPL into ALAPL and thereafter amalgamation of MKHPL into MAL with the Appointed Date being same as the Effective Date.During the year 2021-22, Impex Metal & Ferro Alloys Limited became wholly-owned subsidiary of Company.