Ambuja Electrocastings (AEL) was incorporated as a public limited company on Mar 29, 1989 and commenced business on Mar 31, 1989. The company has been promoted by Durga Prasad Gupta (the chairman of the Ambuja Group of Industries) along with Gopi Krishan Gupta. Durga Prasad Gupta is the chairman and Gopi Krishan Gupta is the managing director of the company. The company came out with a rights issue of 96.83 lakh equity shares at premium of Rs. 8, aggregating to Rs 17.43 crore, in Nov 1994. The proceeds of the issue were utilized to part-finance a Rs 19.32 crore project to increase the MS ingot capacity to 63,000 tpa and to set up a rolling mill with a capacity of 50,000 tpa. The plant is located at Nasriganj (Patna district), Bihar. Ambuja Zinc and Lakshmi Cement and Ceramic Industries are the group companies of AEL.
It has floated a joint venture in Nepal -- Ambuja Electrocastings (Nepal) -- which is running a mini steel plant.
Business area of the company
The company is engaged in the manufacture of steel castings with an installed capacity of 33,000 tpa. In the forward integration project, the company proposes to add a hot rolling mill to its existing set-up to manufacture mild steel rods, angles, channels and CTD bars to cater to the construction industry, thus increasing the installed capacity to 50,000 tpa.
Awards and Recognitions
The company was awarded an export award in 1994 by Bihar Industries Association for its excellent export performance.