Ispat Industries Q2FY07 Results

Ispat Industries Ltd has announced the following Un-Audited results for the quarter ended September 30, 2007:

The Company has posted a net profit of Rs 135.40 million for the quarter ended September 30, 2007 as compared to Rs 23.20 million for the quarter ended September 30, 2006. Total Income has increased from Rs 18912.50 million for the quarter ended September 30, 2006 to Rs 20486.90 million for the quarter ended September 30, 2007.

Ispat Industries MoU with MP Trade

Ispat Industries Ltd has informed that the Company has entered into a Memorandum of Understanding (MOU), on October 27, 2007, with M P Trade & Investment Facilitation Corporation Ltd, a wholly owned undertaking of Government of Madhya Pradesh. In terms of the MOU, upon allotment of coal block, the Company intends to make a total investment of about Rs 1,500 Crores through a Special Purpose Vehicle (SPV) Company, to be formed at an appropriate time, for setting-up the following facilities in the State of Madhya Pradesh:

i) Coke oven Battery Plant of 1 Million MT per annum;

ii) Coal Washery and beneficiation Plant of 1.05 Million MT per annum; and

iii) Pit Head Power Plant of 150 MW.

Setting-up of the aforesaid facilities would entail employment to about 500 persons.

The implementation of the MOU would be taken up by us after obtaining all requisite approvals.