- Business
- Bihar Sponge Iron Limited (BSIL), founded in 1982 and headquartered at Umesh Nagar, Chandil in Jharkhand, India, manufactures sponge iron, also known as direct reduced iron (DRI), using indigenous iron ore and non-coking coal via the Lurgi SL/RN coal-based process; it trades plastic packaging materials and operates a 5 MW captive power plant to support operations. The company, India's first merchant sponge iron plant with a current production capacity of 210,000 metric tonnes per annum, serves the steel industry by supplying DRI as a substitute for scrap in electric arc and induction furnaces, primarily operating in domestic markets with over 500 employees. Promoted jointly by Bihar State Industrial Development Corporation Ltd., Modi Group, German Investment and Development Company, and International Finance Corporation in collaboration with Lurgi Metallurgy GmbH, Germany, BSIL commenced commercial production in 1989 following plant completion in record time. Recent developments include management changes with the transfer of General Manager-Purchase Neeraj Kumar Bansal effective October 1, 2025, issuance of Regulation 74(5) certificate for the quarter ended September 30, 2025 confirming dematerialization processing, and a 19.86% rise in standalone net profit to Rs 1.75 crore for the quarter ended September 2025, alongside revenue of Rs 106.87 crore and net profit of Rs 3.36 crore for Q4 fiscal 2025.