Incorporated as a private limited company to manufacture 18,000 tpa of mild steel ingots, Panchmahal Steel Limited (PSL) became a sick unit and a winding up petition was filed by the creditors. In Feb.'76, the Gujarat High Court sanctioned the takeover of PSL by R L Malhotra and Ashok Malhotra from the previous management. The Company is engaged in manufacturing of Stainless Steel Long Products viz., Bars, Rods and Wires.
After the takeover, the company turned around. Rolling facilities were set up in 1982 and secondary refining facilities were commissioned in 1986. PSL switched over from production of mild steel to carbon, alloy and stainless steel. PSL has facilities to manufacture 75,000 tpa of steel billets and 1,20,000 tpa of rolled products at the GIDC Industrial Estate, Panchmahal District, Gujarat. Most of the steel billets manufactured by the company are captively consumed.
The first stage of the technological upgradation and expansion of the rolling mill division commenced commercial production in Mar.'94, while the second stage was commissioned in Mar.'95. The capacity of the forgings division has also been expanded from 1800 tpa to 4200 tpa in 1994-95.
Panchmahal's core strength lies in its ability to meet customers unique requirements. It offer Stainless Steel in Austenitic, Martensitic, Ferritic, Duplex and low nickel - high manganese (200 series) grades. Its steel melting facility includes an ultra high powered 50 metric ton electric arc melting furnace, AOD convertor, ladle furnace for superior steel refining and continuous casting.
The company's quality system has been accredited with ISO 9002 certification during the year 2000-01.During 2000-01, the company has issued 60,00,000 Equity Shares of Rs.10/- each for cash at par and were allotted to Promoters, as this was a part of rehabilitation plan of the company.
The Company was registered with the Board for Industrial and Financial Reconstruction (BIFR) in 2001. The New Steel Melting Shop (SMS) was commissioned on 18 March, 2008 thereby increasing the Company's steel making capacity from 50,000 M.T. to 1,50,000 M.T. per annum.