Noamundi Steel Plant Ltd. (NSP)

In the corporate office of NSP (Noamundi Steel Plant) at sector V, Salt Lake, Kolkata, the board was having its 98^th meeting on 25^th November 2003, to take a final decision on renovation of the steel plant. Mr. Srinivasan, GM (Projects), the head of the committee for the upgradation, had submitted the report with all technical and financial data. The committee was formed in the last Board meeting with the unanimous decision of the Board to go for modernization of plant. The committee was to study the proposals, aimed at increasing capacity, incorporating state-of-art technology in the blast furnace including new skip system and modern technologies in peripherals. It was required to see the technical and financial feasibility of the upgradation of Blast furnace 1. The committee was comprised of Mr.Srinivasan, Mr. Dinesh Agrawal, GM(Finance) and three more technical persons. The Chairman of the company, Mr. Rajen Malhotra addressing the Board emphasized the need of modernization of the plant. He said:

"We are doing well partly because of the growing demand of steel for the last few years. But to keep the company competitive, as per the Board's decision in the last meeting we have to upgrade the plant. I would like to thank the committee for submitting the report. Now, I request Mr. Srinivasan to present the report to the Board".