Incorporated in 1986, Nova Iron & Steel Ltd was established by Nova Magnetics, Nova Electro-Magnetics, and Nova Steels, under the ownership of R K Gambhir and G K Gambhir of the Nova group. The company's primary operation involves the manufacturing of sponge iron, complemented by product separation, screening, and storage services.
In the fiscal year 1993-94, the company initiated a public offering, issuing 5,27,00,000 equity shares valued at Rs 10 each to fund its sponge iron project in Bilaspur, Madhya Pradesh. Subsequently, on July 15, 1994, the inauguration of the sponge iron plant took place in Bilaspur, followed by trial production on September 26, 1994. An agreement was also struck with Nova Steels (India) Ltd for the supply of the entire sponge iron production. Sales commenced in the market during the fiscal year 1994-95.
Notably, Nova Iron & Steel Ltd is among the pioneer coal-based Sponge Iron Projects in India, benefiting from technical expertise sourced from Lurgi Chemie MetaHurgie Industriebau GmbH, Germany.
Looking ahead, the management is actively pursuing expansion initiatives, including exploring opportunities for acquiring captive mines, implementing a power plant to utilize kiln waste heat, enhancing production capacity, and installing furnaces.
In the fiscal year 1993-94, the company initiated a public offering, issuing 5,27,00,000 equity shares valued at Rs 10 each to fund its sponge iron project in Bilaspur, Madhya Pradesh. Subsequently, on July 15, 1994, the inauguration of the sponge iron plant took place in Bilaspur, followed by trial production on September 26, 1994. An agreement was also struck with Nova Steels (India) Ltd for the supply of the entire sponge iron production. Sales commenced in the market during the fiscal year 1994-95.
Notably, Nova Iron & Steel Ltd is among the pioneer coal-based Sponge Iron Projects in India, benefiting from technical expertise sourced from Lurgi Chemie MetaHurgie Industriebau GmbH, Germany.
Looking ahead, the management is actively pursuing expansion initiatives, including exploring opportunities for acquiring captive mines, implementing a power plant to utilize kiln waste heat, enhancing production capacity, and installing furnaces.
