Promoted by Vinod Sheth in Jun.'89 as a private limited company, Akar Laminators (ALL) was converted to a public limited one on 12 Aug.'91. It is headed by Vinod Sheth, chairman and managing director, and belongs to the Akar group. The other group companies are Akar Polymatic, Vishnu Vijay Packagers and Uvifort Metallizers.
ALL is engaged in flexible packaging (polyester / polylaminated type) and has reputed clients like Colgate-Palmolive, Tata Tea, TTK Industries, Uncle Chipps, Pan Parag, Velvette and other food processing industries. It has a capacity to produce 2500 tpa of flexible packaging. The plant is located at GIDC, Naroda Industrial Estate, Ahmedabad. The company diversified into the manufacture of audio tapes (cap. : 2100 tpa) by taking over a unit in Aurangabad.
It came out with a rights equity issue in Nov.'93 to finance its Rs 7.45-cr diversification project to acquire the assets of a sick company from SICOM situated at MIDC, Waluj, Aurangabad, and to meet long-term working capital requirements.
The scheme of amalgamation of Uvifort Metallizers with ALL has been approved by the Gujarat and West Bengal high courts, effective from 1 Feb.'95. As a result of this takeover, the company has emerged as a leading manufacturer of packaging laminates with the most advanced technology. The group has entered into a technology collaboration with a renowned European converter to produce metallised paper. It has finalised plans to integrate backward with a capital outlay of around Rs 200 cr.