Incorporated in Dec.'94 as a public limited company, Gummadi Industries is promoted by Gummadi J Satyanarayana and his associates.
The company came out with a public issue in Sep.'95 to set up an integrated factory at Pondicherry to manufacture industrial barrels (100 to 220 ltrs), water-storage tanks, insulated containers and other customised plastic products. The proceeds was used to part-finance the takeover of the fixed assets of the existing group companies -- Gummadi Polymers Pvt Ltd and Gummadi Pulverisers Pvt Ltd -- along with the brand name and dealer network. The proceeds are also used by setting up a blow-moulding division for the manufacture of barrels and to expand the existing capacity of the roto moulding division and to manufacture insulated containers and pallets with PE foaming technology.
The company's products find application in the civil construction, pharmaceuticals and chemical industries. The company has entered into a technical collaboration with Nordic Supply, Norway, for the manufacture of insulated containers.
The company is potentially a sick company under SICA and is taking every steps to turnaround in the current financial year.