CEO ESSAR STEEL

Dilip Oommen
Managing Director of Essar Steel India and Chief Executive Officer of Essar Steel India , Essar Global Limited Age -Total Calculated Compensation -This person is connected to 1 Board Members in 1 different organizations across 2 different industries. See Board Relationships

Background
Mr. Dilip Oommen serves as Managing Director and Chief Executive Officer of Essar Steel India at Essar Group Limited. Mr. Oommen serves as Director of Operations at Essar Steel Limited. Mr. Oommen served as Chief Executive Officer of Essar Steel Limited until September 2009. He has been an Additional Director at Essar Steel Limited since July 7, 2008.

HISTORY
Company History - Essar Steel
1976 - Essar Gujarat Limited was incorporated in 1976 as Essar Construction Limited. The Company undertook specialised marine construction activity, offshore installations, drilling for oil and gas and manufacture of hot briquetted sponge iron. - The Company is a part of Essar Group of Companies and is a subsidiary of Essar Investments Ltd. - The Company is divided into 4 divisions as (i) Essar Offshore - It undertakes laying of submarine oil and gas pipelines, submarine outfalls, underwater rock drilling and blasting and dredging activities. (ii) Essar Energy - This unit is the first of its kind in the private sector to own and operate super-deep land drilling and rigs. The division was awarded the World Bank aided contract for operating 4 mobile rigs for drilling oil. (iii) Essar Construction The division specialises in breakwater construction, ore and oil berths, Wharfwalls, overground and underground storage silos etc. and (iv) Essar Steel - The division manufactures hot briquetted sponge iron. 1980 - The Company's plant and machinery were revalued as on 31st August. As at 1st June, Company's buildings and machinery were revalued and the net surplus of Rs 653,92,479 arising out of it were added to the revaluation reserve. 1986 - 150,000 No. of equity shares allotted without payment in cash on 25-10-1976. Rights shares issued at par as under: (i) 3,75,2560 shares in prop. 5:2 on 30.9.1981 and (ii) 4,72,815 shares in prop. 9:10 on 13.8.1985. Preference shares redeemable within a period not exceeding 5 years from 15.6.1988. 1987 - The name was changed to Essar Offshore & Exploration Ltd. on 26th May 1987 and further changed to Essar Gujarat Limited w.e.f. 19th August 1987.

- A 217 km. submarine gas pipeline from the Bassein gasfield to Hazira landfall was laid. In addition, the water injection pipelines and platforms modification project at Mumbai High, at an estimated cost of Rs 40 crores was under implementation. - The Essar Energy division operated its three super deep onshore drilling rigs for drilling of onshore oil and gas well in Gujarat and Himachal Pradesh. The self-elevating cantelevered offshore jack-up rig `Essar Explorer' was operated for drilling of offshore oil and gas wells at Mumbai High. - The Government approvals were received for setting up of the Country's first gas based hot briquetted sponge iron plant in association with Gujarat Industrial Investment Corporation Ltd. (GIIC). - The Essar Steel unit entered into a technical collaboration agreement with M/s. Voest, Alpine, Austria and Midrex Corporation, USA for sponge iron manufacture technology. - Ancillary plants including captive power plant were purchased and material handling systems were installed. - The Company undertook to expand its sponge iron manufacturing capacity to 1,600,000 TPA from 8,80,000 TPA. - The Company offered 17,00,000 - 12.5% secured redeemable convertible debentures of Rs 120 each for cash at par on private placement basis to financial institutions. - 948,195 rights equity shares allotted at par in prop. 95:100 on 22.12.1987. Another 47,409 No. of equity shares allotted at par to employees of the Company. 39,87,538 bonus equity shares issued in prop. 2:1. 88,50,000 No. of equity shares issued (Prem. Rs 30 per share) of which (i) 20,00,000 shares to M/s. Essar Investment Ltd. and (ii) 23,50,000 shares to M/s. Essar Shipping Ltd. allotted privately. Out of the remaining 45,00,000 shares, (i) 4,00,000 No. of equity shares to NRIs (all were taken up); (ii) 4,42,500 shares to employees (including Indian working directors)/workers of the Company and of Essar Shipping Ltd. and Essar Investment Ltd. (Only 25,400 shares taken up); (iii) 4,50,000 shares to shareholders of Essar Shipping Ltd. (all were taken up) and (iv) 4,00,000 shares to UTI (all were taken up).

- The remaining 28,07,500 shares along with 4,17,100 shares not taken up under preferential quota were offered for public subscription during February 1988 (all were taken up). Additional 13,27,300 shares were allotted to retain over-subscription (1,26,200 shares to NRIs; 1,100 shares to shareholders of Essar Shipping Ltd.; 60,000 shares to UTI 11,40,000 shares to public). 1988 - The Essar Energy division commissioned 4 mobile rigs for the drilling of development oil & gas wells in Cambay basin. - Letters of intent were received for deployment of two additional onshore drilling rigs in India. The Company received renewal of drilling contract for `Essar Explorer'. - The Essar Energy division proposed to operate the drilling ship `Essar Discoverer' owned by Essar Shipping, Ltd. - The Essar Construction division entered into a Memorandum of Understanding for installation of fibre optic cable across Thane and Dharamtar Creek. - The Company received a letter of intent for setting up an export oriented unit for manufacture of 800,000 TPA of hot rolled coils & Strips in Gujarat. - Land, Machinery, foreign collaboration and infrastructural facilities were to be obtained in Consultation with Metallurgical Engineering & Consultants of India Ltd. (MECON) India. - During October, the Company issued 1,70,000 - 12.5% fully convertible debentures of Rs 120 each on private placement basis to financial institutions. - Authorised capital reclassified 51,00,000 No. of equity shares allotted to financial institutions on 29.3.1989 in part conversion of 12.5% debentures. 1989 - The Essar Construction division undertook specialised civil and mechanical construction jobs, construction of ports and harbour dredging etc. - The Company received Government approval for technical collaboration with MET-CHEM, Canada (a US Steel subsidiary). The collaborators were to be in charge of overall management of the HRC project.

- During September-October, the Company offered 65,30,583-12.5% fully convertible debentures of Rs 200 each on Rights basis in the proportion 3 debentures : 8 equity shares held. Additional 10,28,567 debentures were allotted to retain oversubscription. - The company also offered 3,26,530-12.5% convertible debentures of Rs 200 each to the employees for subscription on a preferential basis. Balance 3,25,085 debentures were allotted to Financial institutions/Mutual funds. - Rs 80 (Part A) of the face value of each debenture was converted into 2 equity shares of Rs 10 each at a premium of Rs 30 per share on 1st June, 1990. - Rs 120 (Part B) of the face value of each debenture was to be converted into 3 equity shares of Rs 10 each on 1.6.1992 at a premium to be decided by C.C.I. then. The balance amount, if any, out of the face value of each debenture was to be redeemed at par at the end of 7th year from the date of allotment of debentures. - During September-October, the Company issued through a prospectus 149,66,000-12.5% secured convertible debentures of Rs 180 each. Of the 149,66,000 convertible debentures, 22,60,000 debentures were reserved and allotted on a firm basis to Essar group and Associate companies. Of the balance 127,06,000 debentures, the following debentures were reserved for allotment on a preferential basis.:- (i) 7,48,300 debentures to employees of the Company and (ii) 38,80,000 debentures to NRIs on repatriation basis (Only 36,78,825 debentures taken up). - The remaining 80,77,700 debentures, along with 9,38,065 debentures not taken up under preferential quota, were offered for public subscription. Additional 22,44,900 debentures were allotted to retain over subscription. (19,05,900 debentures to public and 3,39,000 debentures to Essar Group of companies). - Rs 80 of the face value of each debenture was compulsorily converted into two equity shares of Rs 10 each at a premium of Rs 30 per share on 1.6.1990. - Rs 100 of the face value of each debenture was to be converted into 2 equity shares of Rs 10 each on 1.6.1992 at a premium to be decided by the CCI then. The premium determined be less than Rs 40, the

balance amount shall be treated as the debenture and redeemed at par at the end of the 7th year from the date of allotment. - One tradeable warrant was attached with each 12.5% convertible debenture issued during September-October rights as well as to the public and the said warrant was detachable and freely tradeable. - The Company issued 100,00,000-14% secured non-convertible debentures of Rs 100 each to the public. Only 750 debentures were taken up. The remaining 99,99,250 debentures devolved on underwriters. - The Company issued 32,00,000-17% non-convertible debentures with detachable warrants at a price of Rs 400 per debenture. These are redeemable at par in three annual instalments at the end of 6th, 7th, 8th years from the date of allotment. - 509,58,160 No. of equity shares (prem. Rs 30 per share) allotted in conversion of debentures. (7,65,000 shares during 1989-90 and 501,93,160 shares on 1.6.90). 1990 - On 30th June, the company issued 250,96,580 tradeable warrants to all the debenture holders in the proportion 1 tradeable warrant : 1 debenture held. 1991 - The Company proposed to increase the capacity from 8,00,000 tonnes per annum to 16,00,000 tonnes per annum at an estimated cost of Rs 3,350 crores. 1992 - The Company issued 3,25,73,902-15% fully convertible debentures of Rs 300 each on rights basis in the proportion of 1 debenture : 4 equity shares held (all were taken up). - Another 34,000-15% fully convertible debentures of Rs 300 each were offered to the employees. Only 26,929 debentures were taken up. The balance 7,071 debentures were allowed to lapse. - Part-A of Rs 50 of each debenture was to be converted into one equity share of Rs 10 each at a premium of Rs 40 per share on allotment of debentures. Accordingly 3,26,00,831 shares were allotted.

- Part-B of Rs 55 of each debenture was to be converted into one equity share of Rs 10 each at a premium of Rs 45 per share on 1st September, 1993. Accordingly 3,26,00,831 shares were allotted. - Part-C of Rs 195 of each debenture was to be converted into three equity shares of Rs 10 each at a premium of Rs 55 per share on 1st April, 1994. Accordingly 978,02,493 shares were allotted. 1993 - The plant incorporating modern state-of-the-art technology for manufacture of hot rolled coils was commissioned during 1994-95. - The Company undertook to set up a million TPA pelletisation plant at Visakhapatnam for which, it signed a technical collaboration agreement with Lurgi GmbH of West Germany for purchase of technology and essential equipment. - The Company issued 5 1/2 convertible bonds due 1998, convertible into shares. The bonds of an aggregate value of US $ 65,00,000 may be converted on or after 5th September 1993 upto and including 5th July, 1998 into equity shares with nominal value of Rs 10 each of the Company at an initial conversion price subject to adjustment of Rs 62.2125 per share. These are to be redeemed on 5th August 1998. In October 1993, 378,20,976 No. of equity shares underlying the above bonds were issued. - The Company issued 450,00,000 warrants to the promoters of the Company. 1994 - The Air and Oxygen injection system was installed in one of the HBI modules for higher productivity. - The Company undertook to set up downstream facilities adjacent to its steel plant at Hazira such as 1.2 million tonnes hot skin pass mill, 2 x 2 lakhs tonnes shearing line and 2 x 2 lakhs tonnes slitting line. - The Company invested USD 9 million in P.T. Essar Dhananjaya, a joint venture in Indonesia for manufacture of Cold Rolled products. - During June 144,59,001 No. of equity shares of Rs 10 each were issued

against exchange of tradeable warrants. Another 12,77,377 No. of equity shares allotted in November. In addition 1295 shares allotted. 223,52,193 No. of equity shares were allotted at a prem. of Rs 60 per share. - The Company introduced the concept of one loyalty coupon for each debenture allotted as a gesture of reward and appreciation of such to those original debenture holders who have remained with the Company for a minimum of three years. - 32,00,000 No. of equity shares were allotted at a premium of Rs 50 per share. - The Company issued Floating Rate Notes of US $ 200,000,000 due 1999. - During June, 75,00,000 No. of equity shares of Rs 10 each were issued in conversion of Fully Convertible Debentures issued on private plant basis to OCBs. These were converted into 75,00,000 No. of equity shares of Rs 10 each at a prem. of Rs 20 per share on 31.03.1994. - The company issued unsecured debt bonds by way of floating rate notes for USD 250 millions. These bonds are redeemable in 1999 at par. 2000 - Essar Steel has increased its hot rolled coil capacity from the existing 2 million tonnes to 2.2 million tones. - Essar Power is set to scout for new suitors for its 515 mw Hazira power plant. - The Company has launched a Web-based customer relation management (CRM). 2001 - Essar Steel has appointed KPMG to undertake a study, which would cover the entire gamut of its operations including manufacturing, product mix, marketing, logistics procurement and finance. - Essar has decided against making any fresh investments in the power sector and put on hold its proposed 250 mw captive power plant of Essar Steel. 2002 -Essar Steel Ltd has informed BSE that Dr G Goswami has been

appointed as a Director on the Board of the Company as the Nominee of ICICI Ltd w e f August 02, 2002. Further Mr Sanjivi Sundar, Nominee of Unit Trust of India ceased to be a Director on the Board of the Company w e f August 09, 2002. 2003 -Essar, Jindal Vijaynagar Steel and Ispat Industries enters into an agreement to restructure Rs.20000cr liabilities. -Essar and Stemcor team up to set up a cold rolled steel(CR) unit. - Shri P S Ruia and Shri V G Raghavan have been appointed as Managing Director and Director (Finance) respectively. 2004 -Essar steel buys gas from Petronet LNG -Ties up with Indian Oil Corporation (IOC) for Liquefied Natural Gas (LNG) purchase -Essar Steel Limited has signed an MoU (Memorandum of Understanding) with the Konkan Railway Corporation Limited for the supply of steel plates for the latter's Skybus projects to be executed in India and worldwide. -Essar Steel forges alliance with Delphi to supply new grade steel to GM 2005 -Delist shares from The Stock Exchange, Ahmedabad in terms of the resolution passed by the Shareholders of the Company at the AGM held on August 07, 2004. -Delist equity shares from The Stock Exchange Ahmedabad (ASE) with effect from January 28, 2005. 2007 - Essar Steel has declared that it has named Mr Jatinder Mehra as the Chief Executive Officer of Essar Steel Holdings Ltd.

BOARD OF DIRECTORS

Management - Essar Steel

Name S N Ruia R R Ruia Jatinder Mehra Malay Mukherjee Dilip Oommen K V Krishnamurthy Designation Chairman / Chair Person Director Director Director Director (Operations) Director

Name P S Ruia S V Venkatesan V G Raghavan Vikram Amin Mahadev Iyer Jitender Balakrishnan

Designation Director Director Director Director (Marketing) Director (Finance) Director

COMPETITORS

Competition Name Last Price Market Cap. (Rs. cr.) 38,882.57 37,009.51 16,624.46 530.75 Sales Turnover 33,933.46 46,341.79 32,122.66 1,365.91 Net Profit Total Assets

Tata Steel SAIL JSW Steel Visa Steel

400.35 89.60 745.10 48.25

6,696.42 3,542.72 1,625.86 -118.85

75,910.28 55,908.53 30,799.71 1,437.66

Selected sectors news

India may emerge as 2nd largest steel producer soon

NEW DELHI: India may emerge as the world's second largest producer of crude steel in the coming two years with the help of new steel projects along with the expansion plans of domestic players, said Centre.

Steel Minister Beni Prasad Verma informed that with the help of Greenfield and Brownfield expansions, India may become the 2nd largest producer in the next few years.

Reports suggest that India has posted strong growth of 7% in steel output in fiscal 2011-12 and has become as the fourth largest steel producer in the globe.

It is projected that India's steel output will touch 200 million tonnes by 2020.

India has declined to one rank to emerge as the fourth largest steel producer in 2010. In 2011, it manufactured nearly 72 million tonnes of steel.

Karnataka State Small Industries Development Corp renews collaboration with Essar Steel

MUMBAI: Karnataka State Small Industries Development Corporation (KSSIDC) announced that it renewed its collaboration with Essar Steel for supplying steel products to the small units until 2015.

Reports suggest that a three-year pact in this regard was inked between KSSIDC and Essar Hypermart, which is the retailing subsidiary of Essar Steel.

The pact has been signed by KSSIDC Managing Director Vishwanathan Reddy and Essar Hypermart Chief Executive Ashok Bajpai.

According to the agreement, Essar Hypermart will be supplying products to ten locations. KSSIDC will also enhance stock and sell Essar's steel products to the prominent small scale industries.

ISI mark on steel products compulsory from tomorrow

CHANDIGARH: As government has made the certification compulsory from September 12, steel manufacturers will have to produce Bureau of Indian Standards (BIS) certified items. As per the BIS new norms, all producers, foreign and domestic both, can not produce, import, store for sale or distribute steel and steel products, which do not follow the standards and which do not bear the standard mark (ISI Mark) on receiving certification marks license.

With the compulsory certification comes into effect from September 12, secondary steel manufacturers in Punjab would be needing to produce ISI certified construction steel such as TMT bars, plates and rods.

Reports suggest that Punjab houses more than 300 re-rolling mills spread in Mandi Gobindgarh, Khanna and Ludhiana which are involved into producing of different kind of iron and steel items for construction and light engineering sector.