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Shri Gang Industries & Allied Products Ltd.

BSE: 523309 Sector: Others
NSE: N.A. ISIN Code: INE241V01018
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
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Shri Gang Industries & Allied Products Ltd. (SHRIGANGINDUS) - Company History

Incorporated in Aug.'89, Suraj Vanaspati is a joint venture between Suraj Gupta and Associates and the Pradeshiya Industrial Corporation of Uttar Pradesh (PICUP). The company set up a 20,625 tpa vanaspati plant and a 25-tpd refinery in the Kangra district of Himachal Pradesh. It came out with a public issue in Aug.'93 to part-finance the project. Commercial production commenced in Mar.'90. Its products are marketed under the Apna brand name. In 1993, the company launched an expansion programme and increased the capacity from 33,000 tpa to 36,594 tpa, which was again increased to 49,500 in 1994. During the year 1999-2000, there has been a 100% erosion in the net worth of the company. Hence, the company has become a Sick Industrial Company and a reference is made to the Board of Industrial Financial Reconstruction. IDBI has been appointed as an Operating Agency for formulating the Rehabilitation Scheme for the company.The Rehabilitation Scheme is under preparation.