Intends to get into hot metal production and downstream value-add products
Vision is to augment its product portfolio while building internal capabilities to materialize the long-term goal of the Company to set up a steel plant
National, 7 September 2023: The Sandur Manganese & Iron Ores Limited (“SANDUR” OR “SMIORE“ or “the Company”) India’s highly integrated and diversified commodity producer with a rich heritage and nearly seven decades of experience in systematic, safe and scientific mining; listed on the NSE at the listing ceremony to mark the commencement of trading. Guided by its rich legacy, SMIORE has continuously adapted to better align itself with the vision of an integrated and sustainable future.
The momentous occasion was marked by the presence of Bahirji Ajai Ghorpade, Managing Director; Hemendra Laxmidas Shah, Independent Director; Mohammed Abdul Saleem, Director (Mines); Uttam Kumar Bhageria, Chief Financial Officer & Chief Risk Officer; and Bijan Kumar Dash, Company Secretary & Chief Compliance Officer among others. The management team, employees, shareholders, investors and well-wishers also attended the Listing Ceremony through the live streaming, which was available on the Company’s YouTube channel.
SANDUR proposes to enhance manganese ore production from 0.28 to 0.58 MTPA and iron ore production from 1.60 to 4.50 MTPA. SANDUR has partnered to set up a hybrid renewable power plant (42.9 MW) in a SPV with Renew Power, which was commissioned in June 2023 and will cater to the increasing energy requirement to expand Ferroalloys operations in FY24. The Company expects all further approvals by Q2FY24 from respective authorities to ramp up production to the new maximum permissible limits. Once the production ramps up, we will be focussing on downstream operations.
Bahirji Ajai Ghorpade, Managing Director of SMIORE, said, “Today marks a historic moment for all of us as we gather here to celebrate the listing of our Company, ’The Sandur Manganese & Iron Ores Limited’, on the National Stock Exchange of India. This occasion is a testament to our collective efforts, unwavering commitment, and the remarkable journey we have embarked upon. From our humble beginnings in 1954, we have grown over the last seven decades to become a significant player in the metals and mining industry, thanks to the hard work and dedication of our employees, the trust of our shareholders, and the support of all our stakeholders. This listing is a reflection of the value we have created over the years and the potential that lies ahead.”
Ghorpade added, “As we step onto this broader platform of the stock exchange, we are well aware of the responsibilities and opportunities that come with it. We pledge to continue upholding the highest standards of corporate governance, transparency, and ethical practices. Our commitment to sustainable development and environmental responsibility remains steadfast. To our shareholders, I express my sincere gratitude for your continued belief in our vision. This listing is a result of your faith in our journey, and we are committed to delivering value that enhances your investment.”
Referring to the future, Ghorpade said, “Going forward, the Company intends to get into hot metal production and downstream value-add products, with the aim of having the maximum possible integration within all our business segments, which shall position SMIORE as a formidable force in the industry. Expanding and enabling Coke production is strategic to the Company’s vision to augment its product portfolio while building internal capabilities to materialize the long-term goal of the Company to set up a steel plant.” He added, “Energy conservation and adoption of cleaner energy have been core to the sustainable development framework of the Company. Recently, the Company has installed solar-based devices with an aggregated installed capacity of 42.9 MW to replace a part of our total requirement of non-production electricity.”
