Foundry Fuel Products Ltd

(513579)

Foundry Fuel Products Limited was incorporated as a Private Limited Company on May 09 1964 and got converted into a Public Limited Company on July 03 1992. The Company manufactures Low Ash Metallurgical Coke LAMC at its plant in Dhanbad district of Jharkhand with an installed capacity of 45000 MTPA with a coal washery. It also trades in middlings and rejects hard coke dust and slurry residue. The coke finds use in steel foundries and chemical industries.The Companys manufacturing operations were stopped since April 2010. The Company was in a very critical position to revive since a decade while the Board of Directors streamlined and restructured its share capital base by both reduction of as well as increase in equity share capital by conversion of loans as per the BIFR Order which ultimately increased the Net Worth of the Company and Companys Net Worth became positive. The Company has been under the preview of the Appellate Authority for Industrial Financial Reconstruction AAIFR and has applied for deregistration.Then the Companys business was dependent on the commencement of mining operation by its holding company. However in 201415 the Honble Supreme Court had passed an order cancelling coal block allocations of various companies including the Holding Company. Considering the aforesaid cancellation the Company is planning to initiate the process of searching another project. The Company is also evaluating the option to sell or lease or transfer the entire business assets or undertaking comprising of all movable and immovable properties for which members have duly accorded their approval to the Board..

Share Price: ₹7.12 per share as on 18 Dec, 2024 04:02 PM
Market Capitalisation: ₹6.01Cr as of today