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Steelco Gujarat has commenced commercial production of a new colour coating line from June 1. In a post-market-hours disclosure to the exchanges, the company said the new product — pre-painted galvanised iron (PPGI) coils and sheets — will enhance its capacity to 60,000 tonnes per annum. Investors will closely monitor the development at the company, which is a subsidiary of Spica Investment Ltd, Mauritius, and belongs to the Comcraft Group.
Markets watchdog Sebi has imposed a penalty of Rs 25 lakh on Steelco Gujarat Ltd and its promoter group Spica Investments for not complying with the minimum public shareholding norms within the mandated timeframe.