Monind Ltd

History of Monind Ltd

Monind Limited was originally promoted by M P Saraf as Annapurna Engineering Pvt Ltd on September 14, 1982. Thereafter, the name of the Company changed to Mind Limited. Subsequently, the Company got converted into a Public Limited Company in February, 1984. In July, 1989, Sandeep Jajodia, was made the Promoter of the Company. In Apr.'92, pursuant to the company having set up the ferro chrome project, the name was changed to Monnet Ferro Alloys. Thereafter, the name of the Company was changed to 'Monind Limited' in December, 2020. The Company is involved in manufacturing of Ferro Alloys and allied products. Prior to this, Monind was an established residential development company which specialise in the purchase, promotion and delivery of affordable housings, medium and large projects ranging from single family residences to multiplex schemes in the UK and Internationally. Till 1991, no major operations were being carried out by the company, except for the sale and purchase of investments. In 1991, it set up a plant to manufacture 6000 tpa ferro chrome at Raipur, Madhya Pradesh and the commercial production commenced from Mar.'91. In Mar.'94, Rinpet Financiers Pvt Ltd (RFL) was amalgamated with the company, after which it acquired its present name (MIL), reflecting the diverse business activities of the company. The company expanded its capacity from 6000 tpa to 12,000 tpa, which was completed in Feb.'96. With the increase in the capacity, it can produce other ferro alloy ...s such as ferro manganese, ferro silicon, etc, in addition to ferro chrome. The company has a buy-back arrangement with Jindal Strips for 6000 tpa ferro chrome. MIL went on a public issue on 14 Aug.'96 to part-finance the project to set up an integrated sugar complex with an installed capacity of 2500 tcd, expandable to 5000 tcd, with facilities for co-generation of power upto 6 MW, in Uttar Pradesh. The company has increased the crushing capacity of the sugar mill from 3125 TCD to 5000 TCD in the year 1999-2000. During the year 2000-01, the company has exported 18.43 lakh units of power being the surplus -over and above the power consumed for Sugar operations- to UPSEB under the Power Purchase Agreement(PPA) dated 30.12.1995 signed with them. The operations of the Company at its factory located at Raipur have been temporarily suspended up till now. The business/object of the Company is the production of various Ferro alloys, such as Silico Mangenese, Ferro Mangenese and Ferro Chrome that are used in the production of different grades of steel. Steel producers use Ferro manganese, Silico Manganese and Ferro Silicon, while stainless steel units use Ferro alloys and Ferro chrome. Ferro alloys are one of the important inputs in the manufacture of alloys and steel. They are used as deoxidizers and alloy additives in the steel manufacturing process. Company owned a plant for production of various Ferro alloys situated at Raipur, Chhattisgarh situated at leasehold land from Chhattisgarh State Industrial Development Corporation (CSIDC) - a Govt. of Chhattisgarh Undertaking. Due to non-renewal of the lease of the land by the CSIDC, the company gave its consent to the CSIDC for the disposal of the same at a price being determined by CSIDC. Consequently, the company has received sale consideration of Rs. 1,27,48,861/- from CSIDC.