Ispat Industries Ltd has clarified that the Income Tax Department had undertaken search operations from the morning of Tuesday, November 30. 2010.

It said “The company is not aware of the reasons for the operations. The company has provided all necessary information and clarification to the Income Tax Department and also extended its fullest co operation.”

The release added that “The company has undertaken technical upgradation of plant facilities at its steel complex at Dolvi involving additional integration and harmonization of facilities. With a view to facilitate the same, and keeping in mind the prevailing market conditions, the planned periodic shut down has also been preponed to November 07, 2010 so as to coincide with the up gradation. All the activities are in the normal course, though they have been stretched beyond the original planned time lines due to the underlying technical intricacies.”

IIL also said “The downstream plant at Kalmeshwar, Nagpur, Maharashtra has been fully operational.”