SEIL bags conversion order from RINL to roll out TMT bars

• To roll out 10,000 MTS TMT Bars from Billets Supply by RINL
• Production will be carried out at State-of-Art Rolling mill located at Sreeramapuram, Vizag Dist, A.P.

Online PR News – 30-March-2013 – Hyderabad – Hyderabad, March 28, 2013: Steel Exchange India Limited (SEIL), one of the largest steel manufacturers in the private sector in Andhra Pradesh, has received a conversion order to roll TMT bars from billets supplied by Rashtriya Ispat Nigam Limited (RINL). The quantity to be converted will be 10,000 mts per month.

The contract shall be effective for the period of one year and would be extendable by one more year on mutual consent. The conversion charges shall be paid per ton of converted products including transportation and are fixed throughout the period of contract.

The production will be carried out at the state of art Rolling mill located at Sreerampuram Village, L-Kota Mandal, Vizianagaram District of Andhra Pradesh.

Commenting on the occasion, Mr. B. Satish Kumar – Managing Director, Steel Exchange India Limited said, “We are happy to bag the conversion orders from RINL. We promise to strive hard and perform according to the best of standards. We are grateful that RINL has chosen us to roll out TMT bars and we are confident of fulfilling their requirements and help maintain their trust on us.”

About Steel Exchange India Limited

Steel Exchange India Limited was incorporated in Feb’1999 as Pyxis Technology Solutions Limited (PTSL). The Company is promoted by Shri. B. Satish Kumar along with his brothers, friends and relatives. Pyxis Technology Solutions was a software Company focused on development of business to business specific online solutions. The promoters were originally into trading of steel & steel related products under the banner of Vizag Profiles a well known group in Vishakhapatnam. After gaining substantial experience in steel trading, the promoters decided to launch a portal based steel trading platform. In December 1999 M/s Steel Exchange India Limited (SEIL) was incorporated as a 100% subsidiary of PTSL. M/s Pyxis approached the Capital Markets with its maiden Initial Public Offering in June 2000.

As the demand for steel started growing from 2000 onwards, the promoters gradually ventured into steel manufacturing as a backward integration of their strong steel retail & trading business by acquiring Simhadri Steels, a company having a rolling mill at Vizag and setting up an ingot manufacturing unit at Kothapeta in 2004.

Under a Scheme of Amalgamation approved by the Members of the Companies, M/s Steel Exchange India Limited (Subsidiary) and M/s Simhadri Steels Private Limited (a company acquired by the group) were merged with M/s Pyxis Technologies Solutions Limited and the name of the Company was changed to M/s Steel Exchange India Limited. The equity shares of the company are listed on the Bombay and Kolkata stock Exchanges. The main objective of company became manufacture of steel and trading in steel and related products. Steel Exchange India Ltd now owns the entire Steel business of the group.

The group has a history of acquiring sick companies and turning them around into successful ventures. In 2008 the company had joined as a strategic investor in the rehabilitaion of GSAL (India) Ltd a sick company referred to the BIFR and had a sponge iron unit of 220,000 Mts capacity per annum. Since joining and as part of the rehabilitation, the company set up downstream arrangements namely a 240,000 Mts p.a billet unit and 225,000 Mts rolling mill in 2010. The rehabilitation scheme was approved by the BIFR in Aug 2012 and as per the package, GSAL is now merged with Steel Exchange India Limited. With the setting up of the 60 MW captive power plant through Simhadri Power Ltd an SPV promoted by SEIL in December 2012, the company has successfully set up an integrated streel manaufacturing hub.