Incorporated in 1990, Elque Polysters (EPL) has been promoted by Abhijit Sen, jointly with Sunkeyong, South Korea. It manufactures PET resins which is used by container and bottle manufacturers, as it is a cheaper vareity of raw material compared to plastic and PVC.
In 1995-96, the company's 121 crores bottle grade PET resin project at Flata Export Processing Zone, the first of its kind in the country employing continuous process technology was set to start commercial production from July' 96. The technology and equipment for the project is being supplied by Sunkeyong and Bhuler of Switzerland. Sunkeyong has subscribed to the equity of EPL and also has a buy-back marketing agreement with EPL for 50 per cent of its total production of about 20,000 tonnes per annum. EPL came out with a public issue of 1,59,87,000 equity shares of Rs. 10 each at par. The fund raised from the public issue would be used to meet the requirement of working capital.
EPL is planning for a 60 crore PET bottle manufacturing and packaging unit.
As the accumalated losses of the company has exceeded its networth, a reference of the same was made to the BIFR and the company was declared as a sick company in the year 1999-2000 and IDBI was appointed as the operating agency.