Company Reports - Monnet Ispat & Energy Ltd
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Silver and Bronze Partners
Monnet Ispat & Energy Ltd
Monnet Group is advancing ahead with conviction
Monnet Ispat & Energy Ltd (MIEL) is the Flagship Company of the diversified Monnet Group which has business interests across verticals in India. With humble beginnings in 1993, the company has now emerged as the second largest coal based Sponge Iron manufacturer in the country and also operates one of the largest underground coal mines.
Monnet is in the process of commissioning an integrated plant starting from mining & washing of coal of various grades and iron ore. To use iron ore fines, it is putting up 2mtpa pelletising plant too. In addition to the present facilities of sponge iron, ferro alloys, structures, its integrated plant at Raigarh will produce high grade Plates and TMT.
Its ambitious appetite for growth coupled with its strong positioning in the market has enabled MIEL to partner with global players and reinforce into sectors through clean coal technologies, coal washeries exploration & development of CBM Blocks. The Group’s joint venture company has been allotted coal bed methane block for exploration, development, extraction, production and marketing of CBM block in Indonesia.
It carries out extensive coal washing and beneficiation for its internal consumption as well as for other users both in Public as well as private sector from concept to commissioning under a single roof, and has expertise in commissioning the coal beneficiation plants through team of professionals in even mix of experience & youth.
It is already running coal washeries of 4.2mtpa in Ranchi in collaboration with Daniels of US., and is in the process of commissioning 7.2mtpa at various locations in collaboration with international players for its in-house consumption.
Monnet has fully imbibed technology in sponge iron and is second largest coal-based sponge iron producer with 1mtpa production capacity.The company has been in this segment since the early 90’s and has perfected the technology to make it. With its integrated plants at Raigarh and Raipur, the company is empowered to market 1.5 MTPA of Sponge Iron, Ferro Alloys, TMT, structural steel and high grade quality plates. Plus, it has also already acquired coal blocks with reserves of over 600 million tons to meet its needs of coal for power and steel. It is also venturing outside to acquire additional coal mines.
Last year, it acquired Coal Company PT Sarwa Sembada Karya Bumi, at US$ 24 million in the Jambi province of Sumatra, Indonesia. This acquisition gave MIEL access to one of the largest Thermal Coal Mine with a total reserve of 65 million tons spreading over 25,000 hectares to meet its long term needs. The coal procured will also be supplied to customers in China, Japan, South Korea and Vietnam.
“We are using the latest technology for making clean steel at a competitive cost” Mr. M.D. Mundhra, President of the company stated. Mr. Mundhra is gold medalist MBA with Bachelor in Mechanical Engineering with over 37 years of experience in Steel, Power, Chemical and Mining Industries.
To achieve zero solid waste, the company has entered into joint venture for metal recovery and conversion of steel slag into PS balls. MIEL by its usage of Blast Furnace and Coke Oven Gas will reduce its Furnace Oil requirement to the minimum.
“To remain second to none and excel in performance in all areas” is the declared motto of the company. To achieve this, the company regularly employs national and international consultants to monitor all segments of its operations. Monnet has engaged world renowned consultants including Ernst & Young, Pricewaterhouse Coopers, BSE, Germany for various functions.
“The desire to work under dynamic, non conventional, visionary, high growth oriented leadership of our EVC and MD Mr. Sandeep Jajodia and his great respect for human values brought me to Monnet Group in 2005” says Mr. M.D. Mundhra. “I am looking after steel project and other various important segments of business. Over the years, we have developed strong management team at various levels” he adds.
The company is known to recruit the best talent from the industry. Every year, the company hires young & dynamic engineers, executives and workers, and trains them to build up a motivated and dedicated team with high work ethos. “We are working in close collaboration with Badische Stahl-Engineering (BSE) GMBH, Germany for Steel Melt Shop. Similarly, in other areas, help from technology suppliers is sought for training our people. We offer our people the best packages along with a great professional environment. The geometrical process of the company offers our team huge opportunities to take their career path to new heights” says Mr. Mundhra. For enhanced people management, the company has set up schools in Raipur as well as in Raigarh.
Monnet already has captive power generation of 150 MW in operations and another 80 MW is getting commissioned. The group is also putting up a power plant of 1050 MW at an investment of $1130 million which is likely to be completed by the end of this year. This will be increased to 1700MW within next year.
In addition, it is also in the process of designing and setting up of washeries of around 15mtpa for the public sector undertakings.
Monnet Ispat & Energy Ltd is aiming to develop a washing capacity of 50 million tons by 2014 -2015.
It is also in the process of establishing a world class coal consulting division by combining its expertise in design, construction and operation of its mining projects and coal washeries.
The Group aims to remain a major player in power, steel, mining and mineral beneficiation. The company intends to increase its steel production to 3.0mtpa directly, or through its subsidiaries in Chattisgarh, Jharkhand and Orissa. It also aims on venturing into the hydel and solar power sectors.
The Group also wants to expand vertically by adding valued added products like pre-fabricated structures and other infrastructure areas.
The Monnet Foundation, a trust set up by MIEL is dedicated to the welfare and development of the community within which it works. It is associated with several charities that work towards infrastructure building and development. Along with this, the group is also actively involved in working towards life skills development, healthcare services, clean drinking water, electricity, self-employment and much more.
Monnet is dedicated to develop sports in India, particularly boxing & athletics. It is already sponsoring the Indian Boxing teams at Regional, National and International Levels since year 2010. Monnet announced on 10th Jan 2012 prestigious Relay Torch Run for the "Go for Gold" campaign. The run will flag-off from Kashmir on 10th Feb. 2012 and will culminate at Kanyakumari on May 27, 2012 covering 6486 KMs and moving through 50 major cities under the auspices of the Athletics Federation of India (AFI).
In his inaugural speech, EVC & MD – Mr. Sandeep Jajodia said: “In our humble way, we want to encourage sports and athletics and motivate them to go for gold in Olympics, 2012 in London.” Hon’ble Minister for Sports – Mr. Ajay Makan applauded Monnet’s efforts in development of sports in the country. Mr. Shailendra – MD of Percept said, “It is a movement of global magnitude to develop athletics”
Moving towards Continuous Improvement
The Group through its dedicated team treats all challenges as opportunities to excel. Every down turn in economy propels it to move forward at greater pace by employing cost reduction methods and further value additions. Monnet is conscious of developing renewable sources of energy and has plans to venture into solar, hydro & wind power. In all its projects, MIEL ensures that no energy is wasted & best technology is employed to harness sources of power such as TRT and Waste Heat recovery Power Plants.
MIEL brings with it an advantage of understanding the entire value chain from mining of raw materials to producing the finished products and feels the pulse of the market. It is a leader in all categories it operates.