Abhishek Securities

The Mid-East Integrated Steel Ltd (MISL), the first steel project in the private sector at Kalinga Nagar in Jajpur years before the place was hailed as the steel hub of Odisha, is readying to shut shop. With the State Government not taking up renewal of Roida-I iron ore mines, the steel plant has run out of raw material and is facing imminent closure. Roida-I mines was leased in favour of MISL and happens to be the only source of iron ore for the project. The MISL was operating it under the deemed extension mode during the second renewal period. However, the mine was closed down, along with 25 others, from May 15 following an order from the Supreme Court. While eight of the mines which were closed down following the apex court’s directive have resumed operations after express orders were passed for renewal of their lease by the Government, the same has not been done for Roida-I, leaving MISL’s fate uncertain. Interestingly, the Indian Bureau of Mines, Nagpur has already...

Odisha -based Mideast Integrated Steel Ltd is planning to treble its capacity to 3.5 million tonnes in the state with an investment of about Rs 8,000 crore, a top company official said.  The company, also known as Mesco Steel, has a hot metal production capacity of about 1.2 MT, through which it makes pig iron.  "3.5 MT capacity includes existing 1.2 MT capacity. It will take 3-4 years, we will go step by step. We already have land. We are moving for environment clearance and have submitted all the papers," Mesco's chairperson and managing director Rita Singh said on the sidelines of an  Assocham  event.  She said the company will expand its capacity in two phases and the company has secured approvals for the first phase, which will increase the capacity to 2.25 MT.  "That will require about Rs 7,000-8,000 crore (investment). That will be funded through debt for machinery and some other debt to be raised. So we can go to 2.25 MT first and then to 3.5 MT," ...

The Mideast Integrated Steels Ltd (MISL) has planned to raise external commercial borrowing to the tune of $ 500 million to fund the brown-field expansion of the steel plant. The borrowing process will start in next financial year for raising the plant’s capacity from 1.2 MTPA to 3.5 MTPA in two phases, Chairman-cum-Managing Director of the company Rita Singh said here on Friday. The company is hopeful of good rating by the credit rating agency which would enable it to raise this kind of funding, Singh said adding that MISL enjoys debt free status from banking and financial institutions. The construction will start the moment environmental clearance for the expansion is granted by the Ministry of Environment and Forests. The State Government has already recommended for grant of environment clearance after completion of public hearing at Kalinga Nagar. The flagship company of Mesco Steel Group has also identified some steel companies in Odisha as acquisition targets, Singh said....

New Indian Express reported that the Mideast Integrated Steels Limited has planned to raise external commercial borrowing to the tune of USD 500 million to fund the brown field expansion of the steel plant. Ms Rita Singh CMD of the company said that “The borrowing process will start in next financial year for raising the plant’s capacity from 1.2 million tonne per annum to 3.5 million tonne per annum in 2 phases.” She said that “The company is hopeful of good rating by the credit rating agency which would enable it to raise this kind of funding, MISL enjoys debt free status from banking and financial institutions. The construction will start the moment environmental clearance for the expansion is granted by the Ministry of Environment and Forests. The State Government has already recommended for grant of environment clearance after completion of public hearing at Kalinga Nagar.” Ms Singh said that “The flagship company of Mesco Steel Group has also identified some steel companies in O...

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Mideast Integrated Steels Ltd (  Mesco Steel  ) has posted 197% jump in its net profit for April-September period of this fiscal compared to corresponding period of previous fiscal. Rita Singh, the company's chairman and managing director said, “In the first six months, Mesco Steel posted a profit of Rs 134.13 crore which is higher than the profit of Rs 90.20 crore earned during the 2011-12.” Mesco's turnover in the period under review rose to Rs 402.41 crore compared to its total income of Rs 546.75 crore in 2011-12. The steel company expects to double its turnover in the current fiscal. Mesco hopes to deliver even better performance in the second half of this fiscal since the constraints caused by the monsoon and other local factors will not be there to affect the production both at the mine and at the plant. The coke rate has come down thereby increasing the productivity of the plant operations. With the commissioning of railway siding inside the plant and reva...