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Stock Report
Adhunik Metaliks allotted iron ore mines
Posted On : 2006-08-13 01:09:51( TIMEZONE : IST )
Adhunik Metaliks Ltd has announced the Company has received the allotment of Iron Ore Mines at Kulum in Keonjhar District of Orissa.
The Company signed a MoU with Govt of Orissa in Nov 2003 to set up a steel plant and commenced production in phased manner with steel making facilities stating production from November 2005. Being eligible for Iron Ore Mines, Orissa Government recommend Adhunik Metaliks application and the Union Government cleared the allotment of the iron ore mines. Mine is highly rich with content of ferrous (fe) at over 65 per cent.
The detail project report for mining in under preparation and the operation will commence within a period of 6-9 months.
According to the Company Managing Director Mr Manoj Agarwal, the mines would provide huge benefits to the Company in terms of assured raw material supply at a very low cost. The better quality of iron ore in the mines would result in improved efficiency of plant and better quality of finished products, he said.
Mr Agarwal further added that with the commencement of the mining, the cost per tone of iron ore would come down by more than 50% from its current level which would help in improving the profit margin of the Company substantially.
Recently, the Company has acquired Unistar Galvanisers and Fabricators, a Company engaged in manufacturing of sub-station structures and transmission towers being utilized in Power and Telecommunication sector and having necessary approvals from NTPC, Power Grid Corporation of India, BHEL. Bangladesh Power Development Board, Grid Corporation of India among others. The group proposes to merge Neepaz Tubes, a Company in Adhunik Group, having the allied activities to leverage on the strength of Unistar Galvanisers. Further, the above acquisition will help the Company in forward integrating its existing product line and improved top line as well as bottom tine.
Further the Company has already commenced work on its upcoming projects of Rs 4370 million at full swing at its existing plant site at Chadrihariharpur, Rourkela.
The Company currently has a manufacturing facility of 250,000 tons per annum of Auto grade Alloy Billets and rolled products which are being backwardly integrated through Sponge Iron and Pig Iron making facilities.
