Steel Exchange of India (SEIL) Signs MOU with Government of Andhra Pradesh

M/s Steel Exchange India Limited, a part of the Vizag Profiles Group  entered into a Memorandum of Understanding with Government of Andhra Pradesh, on 11^th January 2016, during the 22^nd CII Partnership Summit and the 1^st Sunrise Andhra Pradesh Investment Meet.  The MoU was for direct investment  by SEIL in Andhra Pradesh for Expansion of Steel Plant from 0.25MT  to 1.25 MT at Sreerampuram Village, L. Kota Mandal, Vizianagaram District, involving an investment of about Rs.7937 Crores, in two phases which is expected to generate 1500 new jobs. The Memorandum was signed by Sri Bandi Satish Kumar, Chairman and Managing Director SEIL and Sri Kartikeya Misra, Director of Industries, Government of Andhra Pradesh.

M/s Vizag Profiles, the flagship company of the Group also committed to direct investment to Andhra Pradesh for setting up of Warehouses and Cold Chain Warehouse in the coastline of Andhra Pradesh from Srikakulam to Nellore depending on the land allotment by the GoAP involving an investment of approximately Rs.500 crore which is expected to generate 400 new jobs

The  CII Summit was organized to showcase investment opportunities in ‘Sunrise Andhra Pradesh’. Union Finance Minister Arun Jaitley, Andhra Pradesh Chief Minister Chandrababu Naidu and several other union ministers such as P. Ashok Gajapati Raju, Nirmala Sitharaman an Ud Y.S. Choudhary were present at the event. The summit envisaged signing of MoUs expecting  investment of Rs.5 lakh crore.

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 Ltdnow 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 rehabilitation 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 Mtsp. 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 power plant, the company has successfully set up an integrated steel manufacturing hub.