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Haryana Sheet Glass Ltd.

BSE: 515143 Sector: Industrials
NSE: HARYANSHET ISIN Code: INE038D01016
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
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Haryana Sheet Glass Ltd. (HARYANSHET) - Company History

Incorporated as a public limited company in Jun.'74 in Delhi, Haryana Sheet Glass (HSGL) was promoted by R S Khemka and his associates. Since 1977, It has been manufacturing sheet glasses. It set up a plant at Sonepat, Haryana, to manufacture sheet glass (inst. cap. : 2.82 mln sq mtr pa) which commenced commercial production in 1979. In 1986, the capacity was increased to 7.4 mln sq mtr. In 1988, a modernisation scheme was undertaken by the company for the first unit. The capacity was further increased to 10 mln sq mtr in Mar.'91. In Mar.'92, the company completed another expansion scheme and the aggregate installed capacity now stands at 13.5 mln sq mtr. It has set up a 100% EOU for speciality, figured and wired glass (cost : Rs 18.9 cr), part-financed by a rights issue in May '94. HSGL has entered into a tie-up for the offtake of the entire production. HSGL is setting up a very modern glass bottle plant in Alwar, Rajasthan (inst. cap. : 150 tpd) in technical collaboration with Heye-Glas, Germany, which will be supplying the main machinery and the narrow-neck press and blow process (NNPB) technology to manufacture non-returnable light-weight glass bottles. The project is on the final stages of completion and is expected to be commissioned by November 1996. The company is also taking up the management of a sick company, Kartar Glass Works, under the rehabilitation scheme framed by the BIFR (cost : Rs 8.45 cr), thus diversifying into figured and wired glass. During 1995-96, the company made rights issue in 1:1 ratio at a premium of Rs. 30/- per share. In the year 1998-1999, the company appointed Soni Industrial Restructuring Consultants (SIRCON) an independent consultancy, firm for diagnostic study and formulate a comprehensive restructuring scheme for submission to IFCI. Due to recessionay market conditions in the year 1999-2000, resulted in low demand for flat glass. Although the Ankleshwar unit was restarted it resulted in cash losses while the container division has been temporarily shut down. During 2000-01,the company has made a reference to BIFR under section 15 of the SICA,1985 to get the viability of operations of the company.