Kanoria Industries (KIL) (formerly Bagalkot Udyog) was incorporated on 21 Dec.'48. The cement plant was set up at Bagalkot, Karnataka. The company was renamed BUL on 1 Jan.'71 and again as Kanoria Industries in 1989. KIL, currently belongs to the B K Kanoria group. At present, A K Kanoria is the chairman and managing director.
The company came out with a public issue in Aug.'88 to part-finance the optimisation plan of the cement division and normal capital expenditure and also to augment long-term resources. The company has interests in communications, fibre cement, pressure pipes and sheets and titanium di-oxide. Its products include cement, sugar and industrial gases. Its subsidiaries are Kanoria Mercantile and Sanathan Investments. It undertook an expansion-cum-diversification plan in 1980. In 1986, Girnar Pratisthan was amalgamated with BUL.
In 1995-96, the company had taken effective steps for the proposed expansion of its cement manufacturing capacity from 3.30 lac tpa to about 8 lac tpa. In order to make adequate arrangement of lime stone for the expanded capacity, the company has entered into an agreement in Apr.'95, with Mysore Minerals for the transfer of three mining leases. The company will proceed with the expansion of capacity once the mining leases stand transferred.
The company is now in the process of acquiring the mining leaseland. Once the land acquisition is over, then the company will be able to implement its modernisation cum expansion plans.
During the year 1998-99, the company has become a Sick Industrial Company due to erosion of its net worth. It has been forced to curtail production of clinker and cement due to falling prices and rising cost. BIFR has appointed IDBI as the operating agency to formulate a rehabiliation scheme.