OCL Iron and Steel Limited was incorporated on February 20, 2006, as public limited company with the Registrar of Companies, Orissa under the provisions of the Companies Act, 1956 and obtained Certificate for Commencement of Business on March 20, 2006. OISL was a wholly owned subsidiary of OCL and as a result of the reorganization by way of demerger, the steel undertaking of OCL together with all its assets and liabilities stands transferred to and vested in OISL.
The company is engaged in manufacture and sale of cement and refractory productssteel and sponge iron products and operations relating to the real estate sector.
OCL, as per scheme of arrangement approved by the Orissa High Court demerged its steel undertaking and real estate undertaking by transferring the assets and liabilities as on January 1, 2007 into ‘OCL Iron and Steel Ltd’.
The company was established to produce, manufacture, purchase, import, export, sell and to deal in all kinds and forms of iron including sponge iron, grey iron, alloy iron, ductile iron, malleable iron, pig iron cast iron and special iron and all kinds of steel in all forms and/or bye products thereof and all kinds of goods, products, articles or merchandise whatsoever manufactured wholly or partly from iron or steels and/or other metals and alloys bearing metals.
The factory of the company is located at Village Lamloi, P.O Garvana, Rajgangpur, Orissa, India. The factory land admeasures approximately 100 acres of land and consists of factory building, administrative block, lab, finishing good warehouse, raw material godown, store, canteen, conference hall, etc. The company is in the process of setting up a blast furnace for which an area of approximately 9 acres is earmarked.
OCL Iron and Steel has captive iron ore mines of around 5 million tonnes and coal mines of around 20 million tonnes. It also has a 20,000 tonne a year sponge iron unit and is settin up a blast furnace, the paper said.
Auto-parts maker Amtek Auto Ltd is in talks to buy OCL Iron and Steel Ltd (OISL) in a deal that could value the company at around Rs 3.5 billion.