Incorporated as a public limited company in Apr.'93, Ashok Magnetics was promoted by Ashok Agarwal and his associates. The company acquired Trans Asia Exports in Aug.'93, which was manufacturing video cassettes since Oct.'92. It started producing audio cassettes in Oct.'94 and the first phase of rigid PVC pipes in Feb.'95.
The company has factories at Gummidipoondi, Tamilnadu; Sulurpet, Andhra Pradesh; and Pondicherry, Tamilnadu. The unit at Gummidipoondi is for the manufacture of rigid PVC pipes. The unit at Sulurpet, where the manufacture of video cassettes with a capacity of 12 lac pa is carried on, has been acquired from Trans Asia Exports. The unit at Pondicherry, acquired from Indo Pacific Electronics, manufactures audio cassettes and has an installed capacity of 5 lac pa. The Steel Division Project at Pondicherry was completed and has commenced commercial production.
In Nov.'95, the company issued shares to public to part-finance the capacity expansion of its rigid PVC pipes section from 1200 tpa to 900 tpa.