MSP Steel & Power Ltd Holds 57th AGM, Discusses ₹500 Crore Expansion, Merger

MSP Steel & Power Limited (MSPL) conducted its 57th Annual General Meeting (AGM) on September 30, 2026, via video conferencing. The meeting, which commenced at 3:00 p.m. IST, saw the transaction and passing of all items of business as stated in the AGM Notice. The Company provided remote e-voting facilities from September 27 to September 29, 2026, and also facilitated e-voting during and after the AGM. The Chairman, Mr. Suresh Kumar Agrawal, highlighted the company's operational efficiency, cost control, and financial discipline. He also announced plans for manufacturing capacity expansion with an investment of ₹500 crore and initiated the process of merger with MSP Sponge Iron Ltd. The Managing Director, Mr. Saket Agrawal, provided an overview of the company's vision for 2030, its move towards higher-value-added products, an agreement to procure approximately 10 MWp of solar power for captive consumption, and the consolidation of MSP Sponge Iron Limited's manufacturing business with MSPL. He also noted the company's successful exit from the Corporate Debt Restructuring framework. The Chief Financial Officer, Mr. Kamal Kumar Jain, reported a profit for the current year, contrasting with the previous year's loss. He also shared that CARE ratings upgraded the company's long-term bank facilities to CARE BBB+ with a Stable outlook and short-term facilities to CARE A2. The company started the financial year with a profit of ₹22 crore in the first quarter. The AGM agenda included the adoption of audited financial statements, re-appointment of Mr. Suresh Kumar Agrawal as director, ratification of remuneration for the Cost Auditor, and approval for overall managerial remuneration and specific remuneration for Mr. Suresh Kumar Agrawal, Mr. Saket Agrawal, and Mr. Manish Agrawal. Additionally, approval was sought for a material related party transaction for FY 2026-27. The meeting concluded at 3:41 p.m. IST.