ED attaches assets worth Rs 244.89 cr of Balasore Alloys
KalingaTV News Network
Bhubaneswar: The Enforcement Directorate (ED) attached assets of M/s Balasore Alloys Ltd to the tune of Rs 244.89 crore on Saturday.
The ED through its Twitter handle informed that it attached the assets under Prevention of Money Laundering (PMLA) Act, 2002, in a case of defrauding State Trading Corporation (STC) by M/s Global Steel Holding Ltd of Pramod Kumar Mittal.
The company’s profile on its website balasorealloys.com reveal that Balasore Alloys, formerly Ispat Alloys Limited is part of the renowned Ispat group of Companies, a major business house in the country, promoted by the Mittals. The group of companies are spread across several countries besides India.
Balasore Alloys was incorporated in the year 1984 at Balasore, Odisha and at present it has two plants with six submerged electric arc furnace (75MVA/145K MT capacity) per annum, planned to increase to 160,000 MTPA. With multiple furnaces of different capacities, the company has the flexibility to produce different types of Ferro Alloys as per market dynamics. This adds to the competitive advantage of the organization as a range product mix can be maintained at the same time even with lower quantity requirements.
The company has captive mines in different locations in Sukinda Valley at Jajpur Road (Odisha).The mines take care of the Chrome ore requirement of the company. BAL is one of the few Ferro Alloys manufacturing companies in the country having captive mines and this is a major competitive advantage since availability of Chrome ore is very uncertain and the price is volatile. Other raw materials are sourced from both Domestic and International Markets. The products of the company enjoy international reputation.
The company is IMS (Integrated Management System) certified for Plant site at Balasore and its Mines at Sukinda Jajpur, Odisha. Various management excellence initiatives like Six Sigma, TPM, Supply Chain Management and Performance Management Systems are in place to promote excellence in all areas and improve the overall efficiency of the company.