Gujarat Borosil(GBL)[ Formerly Gujarat Window Glass], promoted by Borosil Glass Works an active player in flat glass industry.
GBL incorporated as Gujarat Window Glass in Dec.'88, Gujarat Borosil (GBL) got its present name in May '92. The company was promoted by Borosil Glass Works. B L Kheruka is the chairman. GBL has a subsidiary, Swapan Properties, an investment company.
In Jan.'93, GBL came out with its initial public offering to part-finance the setting up of a sheet glass project with a capacity of 10 mln sq mtr pa (2mm thickness basis) at Govali, Bharuch. The project cost was Rs 64.87 cr.
GBL entered into an agreement with Euro Commerce, Poland, under consortium with Vitrocer-Projekt and HSO Sheet Glass Company, Szczakowa, Poland. In Feb.'95, the company also entered into an agreement with the Gas Authority of India for the supply of natural gas, availability of which would effect a significant reduction in the fuel cost.
During 1994-95, GBL issued 14,24,930 shares to the promoter company, Borosil Glass Works, by way of a preferential issue at a premium of Rs 4.50. In Nov.'94, it also issued 19,42,000 equity shares to financial institutions by converting a portion of their loan into equity shares.
During the year 1996-97 the company privately placed 19.5% secured redeemable non-convertible debentures with IDBI and IFCI. During the year 1997-98, As a result of accumulated loss of the company having exceeded the entire net worth, the director have decided to make a reference to the Board of Industrial & Financial Reconstruction (BIFR). BIFR declared the company as sick & appointed ICICI as Operating Agency. A Rehabilitation package is being finalised by ICICI in consultation with other Financial Institution and Banks which will be submitted to BIFR.
A new float glass plant at Chennai was commissioned during 2000-2001.