Excel Glasses (EGL) was established in Jul.'70 as a joint sector unit with the Kerala State Industrial Development Corporation (KSIDC) and Excel Productions as joint promoters. In Aug.'84, the controlling interest was acquired by the Somanis of the Parijat group.
EGL manufactures flint glass bottles and containers. The main users are in the food, pharmaceutical and alcohol industries Smithkline Beecham Consumer Products (Horlicks), McDowells, Balaji Distilleries, Cadbury, etc. In Nov.'85, the capacity of 12,000 tpa was enhanced to 30,000 tpa. The factory was upgraded and modernised to international standards.
In 1994, it expanded its facilities (cost : Rs 22 cr), increasing the capacity to 49,000 tpa. EGL implemented another expansion plan (Rs 38 cr) from 70 tpd to 170 tpd, which commenced production on Mar.'95. With this modernisation and expansion, the company is producing bottles of smaller and more flexible sizes, where value-addition and margins are better.
A rights issue was made for 53,60,625 Equity Shares of Rs.10/- each in 2000-01. The company issued 11% Cumulative Preference Shares of 20500 nos to IFCI during March 2002.