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Gallantt Ispat Board approves various businesses plans

Tuesday, 01 Dec 2020
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The Board of Directors of Gallantt Ispat (GIL) has approved various businesses plans. 
As a strategic investment planning, the Board has approved purchase of entire shareholding/ acquisition of entire stake in Gallantt Industry and Gallantt Udhyog. These entities are now be regarded as wholly-owned subsidiaries of the company. 
The company is in the process of complying with the requirements of Section 89 of the Companies Act 2013 read with Companies (Management and Administration Rules 2014) regarding the procedure of declaration in respect of beneficial interest in any share. 
The Board also gave its approval for setting up a cement manufacturing and related unit through Gallantt Industry (GIPL), a wholly-owned subsidiary at the company's industrial complex at Sector -23, GIDA, Sahjanwa, in Gorakhpur, Uttar Pradesh. 
Further, on the recommendation of the Audit Committee, the Board also approved an investment of up to Rs 70 crore in the equity capital of GIPL in trenches under different modes of subscribing shares of GIPL to fund the upcoming cement and related manufacturing units at Gorakhpur. 
It also approved that the agro unit of the company will be run and operated through Gallantt Udhyog (GUPL), a wholly-owned subsidiary. Further, on the recommendation of the Audit Committee, the Board approved an investment up to Rs 30 crore in the equity capital of GUPL in trenches under different modes of subscribing shares of GUPL for meeting the working capital and other financial requirements. 
The Board gave nod for sub-division, transfer and sale of five acre of land to GIPL with the object to set up cement manufacturing facilities out of vacant land available in the company's factory complex at Sector-23, GIDA, Sahjanwa in Goprakhpur, Uttar Pradesh, for Rs 10.00 crore being the fair price/circle rate of the Gorakhpur Industrial Development Authority. The Audit Committee has reviewed and recommended the transaction. 
It was also discussed that due to change in the business planning and decision to set up cement manufacturing unit through Gallantt Industry, a wholly-owned subsidiary rather not setting up the same in the company, the proposed expansion plan approved on 29 June 2020 be re-assessed and modified. 
In the earlier proposal for expansion as approved on 29 June 2020, margin money for expanded capacity was estimated at Rs 255.65 crore. However, till 31 March 2020 internal accruals of the company were deployed in the working capital; hence, as per estimation of the management present margin money is sufficient to undertake the operation effectively and no additional margin money is required. 
Hence, the total of the expansion cost is estimated to be reduced by Rs 255.65 crore on account of reduction of margin money requirements for the expanded capacity.  The estimated investment in rolling mill expansion project has also reduced by Rs 31.46 crore. 
The total cost of the expansion projects (excluding cement manufacturing units) stood at Rs 512.87 crore from Rs 855 crore. 
The Board partially modified the expansion plan in supersession of earlier decision taken on June 2020 and abrogated and canceled the decision of the Board to install a cement manufacturing industrial unit in the company.
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