Welspun Maxsteel Ltd. was formed on 22 May, 2009 after Welspun Steel Ltd. completed the acquisition of Vikram Ispat, the Sponge Iron division Business of Grasim Industries Ltd. Now part of the US$ 3 billion Welspun Group, the facility was set up in 1989 with design capacity of 0.75 million tons of Sponge Iron in the form of HBI (Hot Briquetted Iron) and an initial investment of Rs. 525 Crore.
Spread across 435 acres of land with a captive Port, the facility is located in the scenic beaches of Salav village in Raigad district of Maharashtra. The facility today boasts of being the only natural gas-based DRI plant for merchant sale in India with a turnover of Rs. 1302 Crore (FY2009-10). The Company currently has a work force of more than 550 employees and has an installed capacity of 9 lakh ton per annum.