YEAR EVENTS 1984 - The company was incorporated on 1st May, in Orissa. It was promoted by Ispat Group headed by M.L. Mittal. The main objective of the company is to manufacture calcium silicide, ferro silicon, calcium carbide and all other ferrous and non-ferrous metal based alloys. 1987 - Due to erratic power situation, production of calcium silicide could not be taken up. Unstable power situation once again stalled the commencement of calcium slicide production. - The company installed a second furnace and a captive power plant with a total outlay of Rs 22.60 crores. - The company alongwith an Indonesian firm set up a joint venture project for manufacture of Silicon, Ferro Silicon and Ferro Chrome. - 100 shares subscribed for by the signatories to the Memorandum of Association. 31,49,900 shares then issued at par of which the following shares reserved and allotted: - (i) 6,09,900 shares to Indian promoters, directors, etc. - (ii) 4,50,000 shares to NRI promoters on repatriation basis and - (iii) 3,00,000 shares to IPICOL Out of the remaining 17,90,000 shares, the following shares were reserved for preferential allotment: - (i) 89,500 shares to employees including Indian working directors and - (ii) 35,800 shares to business associates of the Company. Out of (i) and (ii) only 36,600 shares taken up. - The balance 16,64,700 shares, along with the unsubscribed portion of 88,700 shares out of the preferential quota were offered to the public during Sept. 1986. - Additional 4,47,500 shares allotted to the public to retain oversubscription. 1989 - The company received a letter of intent for the setting up a third furnace at the existing site at Balgopalpur for the implementation of charge chrome/ferro chrome with a licensed capacity of 15,000 TPA. - The company issued 45,45,454-14% secured fully convertible debentures of Rs. 220 each of which (i) 18,00,000 debentures were reserved for preferential allotment to the existing equity shareholders of the company in the ratio of 50 debentures for every 100 equity shares (only 17,58,345 debentures were taken up); - (ii) 1,36,000 debentures allotted to NRI (all were taken up); - (iii) 13,63,636 debentures reserved for preferential allotment to the equity shareholders of Nippon Denro Ispat, Ltd., and Ispat Profiles India, Ltd. (all were taken up); - (iv) 2,27,000 debentures reserved for UTI, ICICI, Insurance companies and Mutual Funds (all were taken up); and - (v) 2,27,273 debentures offered to the employees (including Indian working directors) of the Company (only 185 debentures were taken up). - The balance of 7,91,545 debentures along with the 2,68,743 debentures not taken up by employees and equity shareholders were offered to the Indian public (all were taken up). Additional 2,04,544 debentures and 4,47,274 debentures were allotted to the shareholders of Nippon Denro Ispat, Ltd., Ispat Profiles India, Ltd., and Indian public respectively to retain oversubscription. - Part-A of Rs. 60 has been converted into two equity shares of the face value of Rs. 10 at a premium of Rs. 20 per share at the end of 6 months from the date of allotment. Part-B of Rs. 160 will be converted into appropriate number of equity shares of the face value of Rs. 10 at such premium, as may be decided by the CCI between a period of 18 months to 24 months from the date of allotment. 1990 -With the Government of India extending the scheme of broad-banding to bulk ferro-alloys industry since January, the company hoped to have a diversified product mix within the existing licensed capacities. -1,00,00,544 No. of equity shares allotted due to the conversion of Part-A convertible debentures. 1991 -The project was at an advanced stage of implementation and it was expected to be commissioned in March/April. -Another letter of intent was received for the setting up of an 100% Export Oriented Unit (EOU) at Dhenkanal in Orissa for the manufacture of charge chrome/high carbon ferro-chrome with a licensed capacity of 75,000 TPA. 1992 -Profitability also improved due to optimum utilisation of company's resources and adoption of various cost control measures. -352,82,219 shares allotted on conversion of pref. `B' of debentures. -The said furances are set up as Domestic unit in place of 100% EOU origin with in build facility to produce other ferro alloys in addition to charge/ferro chrome to enable the company to market internationally 2 Nos. of imported DG sets of 5 MW each were commissioned. 1993 -The company successfully implemented the commissioning of two new furnaces of 7.5 MVA capacity each at Balgopulpur. 1994 -The company undertook steps to increase captive power generation capacity from 19 MW to 40 MW by installing two new imported D.G. Sets of 10.5 MW each at Balgopalpur, Orissa. 1996 -The Company has been conferred with various awards during the period under review such as Regional Top Exporter Shield for 1994-95 from Engineering Export Promotion council (Eastern Region), HRD First Prize for 1994 from CII. (Eastern Region) and Best Exporter Award for 1994 from Directorate of Export Promotion Council, Orissa. -The Company has also received prestigious IS 14002/ISO 9002 accreditation from the Bureau of Indian Standards. -The Company has successfully used PLCs for economic use of Resources like Power and Raw Materials. 1997 -IAL is a leading manufacturer of silicon metal and ferro-silicon. Its products are manufactured under technical collaboration with global leaders like Nippon Denro Japan, Danieli Italy, Elkem Norway and Outokumpo Finland, IAL has aggressively added capacities and diversified within the realms of the ferrous industry. -IAL have suffered a similar fate of delayed project implementation for as long as a decade. 1998 -Power generation capacity was increased by installing two new imported D G sets of 10.5 MW each from MAN B & W Germany at its works at Balgophalpur, Orissa. -The management of Ispat Alloys Ltd has declared an indefinite lockout following violent incidents at the Balagopalpur factory premises in Balasore district of Orissa. -Ispat Alloys Ltd, a subsidiary of the Mittals-promoted Ispat Industries Ltd. 1999 -Two leading manganese alloy producers -- Ispat Alloys and Maharashtra Elektrosmelt -- have made losses during first quarter April/June. 2007 -Balasore Alloys Ltd has informed that Mr. Rabindra Kumar Jena, Executive Director of the Company has been elevated to and appointed as Joint Managing Director of the Company w.e.f. January 31, 2007. -Balasore Alloys Ltd has appointed Mr. Debadatta Sengupta as Director of the Company w.e.f. January 31, 2007. 2009 - Balasore Alloys Ltd has informed that the Board of Directors of the Company at its meeting held on May 29, 2009 has appointed Mr. Chittaranjan Pradhan, as an Additional Director & Whole time Director (Operations) of the Company w.e.f. May 29, 2009, subject to approval of the shareholders in ensuing Annual General Meeting. 2010 -Mr. Vilas V. Jamnis has been appointed as an Additional Director of the Company. 2011 -Mr. Anil Surekha, has been appointed as an Additional Director of the Company. Ms. Vartika Mittal has been appointed as an Additional Director of the Company. -Declaration of Dividend of Rs. 0.50 per sham i.e. @ 10% on the nominal value of share. -The Company announced appointment of Mr. R. K. Parakh, as an Additional cum Wholetime Director designated as Director - Finance of the Company and also Mr. B. N. Panda, as an Additional cum Wholetime Director designated as Director - Operations of the Company. 2012 -The Company has recommended a dividend of Rs. 0.50 per share i.e. @ 10%. -Mr. Anil Sureka, has been appointed as the Managing Director of the Company. 2013 -Balasore Alloys pledges for Living Greener on World Environment Day. -More than Hundred participated in Balasore Alloys blood donation camp. 2014 -Balasore Alloys Ltd has an agreemen for acquiring the business of Jabamayee Ferro Alloys Limited as a going concern on a slump sale basis. 2015 -Balasore Alloys - Acquisition of business unit of Rohit Ferro Tech Limited 2016 -Balasore Alloys commences commercial production at its Sukinda unit in Odisha.