Steel Exchange India Ltd Company Summary

Steel Exchange India Ltd Summary

Steel Exchange India Limited, incorporated in 1999, is the flagship company of the Vizag Profiles Group. SEIL is a leading manufacturer of TMT Rebars under the brand SIMHADRI TMT. The Firm is engaged mainly in manufacturing of steel products and allied activities at its Integrated Steel Plant located close to Visakhapatnam, Andhra Pradesh. It has the largest private integrated steel plant in Andhra Pradesh. It manufactures sponge iron, billets, and TMT bars.The Company operates into 4 major divisions, Sponge Iron Plant (DRI), Steel Melting Shop (SMS), Rolling Mill and Power Division. The companys Trading Division deals with a range of products, such as sponge iron, semi and finished steel products. They also deal with the products manufactured by RINL (Vizag Steel), their own manufacturing divisions and other manufacturers for special products. The Steel Melting Division manufactures ingots using sponge iron and scrap/ pig iron. The Rolling Division of the company has two rolling units producing thousand metric tons (TMT) bars and steel rebars. The two units of Wire Drawing and HC Wire Products & Galvanized Wire Division produce wire products, carbon steel wire products and galvanized wire products. The companys Pyxis Software Division deals with the development of software and software products. The Sponge Iron Division is located at Viziznagaram District, which is having a capacity of 225,000 TPA.Company acquired a well-established steel, which had been promoted and developed by its holding company Pyxis Technology Solutions.As per the scheme of amalgamation, Steel Exchange India Ltd and Simhadri Steels Pvt Ltd were amalgamated with the company and the name was changed to Steel Exchange India Ltd with effect from April 2003.During the year 2006-07, the company entered a scheme of arrangement with Vizag Profiles Ltd for transferring the Steel Division of Vizag Profiles Ltd to the company. Vizag Profiles Ltd merged with the company with effect from April 1, 2006.During the year 2008-09, the company took on lease 225,000 TPA Sponge Iron unit of GSAL (India) Ltd with effect from October 1, 2008. Also, they decided to sell/ dispose off the old Rolling Mill situated in Andhra Pradesh.The Draft Scheme of Amalgamation of Simhadri Power Limited (SPL) and the Company was approved by the Board in July, 2013 and made effective from 1st April, 2013. Consequently, the transfer of and vesting of the business Undertaking of SPL transferred and was taken over by the Company.In the process, SEIL established the largest private Integrated Steel Plant in 2 Telugu States, Andhra Pradesh & Telangana, capable of manufacturing finished long products from iron ore.