Electrosteel Castings Limited (ECL) is a water infrastructure company providing techno-economic solutions for water supply and sewerage systems. The Company is India’s largest manufacturer, and one of the few manufacturers in the world, of ductile iron (“DI”) spun pipes. Lack of safe drinking water and proper sanitation is a major problem in India, and the demand for safe drinking water is increasing at a rapid pace. In order to transport sufficient quantities of water from different sources, i.e. rivers, lakes or wells, to a treatment plant with minimal loss and then transport the treated water to the end-user, a reliable pipe material is required that is strong, long-lasting, corrosion resistant and reduces the risk of contamination. DI pipes possess these qualities and are currently the single most widely used type of pipe for the transportation of water and sewage.

The company started by producing steel castings and cast iron pipes at Khardha, West Bengal in 1959 and its first CI pipe factory was commissioned at Khardah, near Kolkata, West Bengal with an installed capacity of 14,400 TPA. The Company manufactures DI spun pipes, DI fittings and pig iron (an essential intermediate product in the manufacture of DI spun pipes and cast iron (“CI”) spun pipes) at its facility in Khardah (West Bengal), CI spun pipes at its facility in Elavur (Tamil Nadu) and low ash metallurgical coke (“LAMC”) (an important intermediate product used in the production of liquid metal/pig iron) at its facility in Haldia (West Bengal). The Company has recently increased production capacity at its Khardah plant from 200,000 tons per annum (“TPA”) to 250,000 TPA and is also planning to implement various other “backward integration” measures at its various units. The Company supplies DI spun pipes and DI fittings both domestically and internationally, mainly in South East Asia, South Asia, the Middle East,Africa and Europe. The Company produces CI spun pipes for the domestic market only. The Company is also involved in the execution of turnkey projects as an engineering, procurement and construction (“EPC”) contractor for water and sewerage infrastructure projects, including sourcing, treatment and distribution.

During 2005, the Company raised USD 40 million through the issue of Global Depositary Receipts and during 2006 the company issued Zero Coupon Convertible Bonds of USD 75 million.

For the financial year ended 31st March 2007, the Group had net sales of Rs.1229.99 Crores as compared to Rs.1008.09 Crores for the financial year ended 31st March 2006. The Group’s EBITDA (Earnings before Interest Tax Depreciation & Amortisation for the year ended 31st March 2007 was Rs. 210.36 Crores as compared with Rs.163.42 Crores for the financial year ended 31st March 2006. The Group’s profit after tax and before minority interests and shares in associates for the financial year ended 31st March 2007 was Rs.98.08 Crores as compared to Rs.75.17 Crores for the financial year ended 31st March 2006. The Group had net profit for the financial year ended 31 March 2007 of Rs.104.72 Crores as compared to Rs.77.86 Crores for the financial year ended 31st March 2006.