Ex IDBI Chairman joins Nakoda as an Independent Director

Nakoda Limited (BSE code: 521030), one of the largest manufacturers of the fully drawn yarn, announced the appointment of Mr. P P Vora as the Independent Director of the company.

He was Chairman and Managing Director of Industrial Development Bank of India. He has personally supervised the conversion of IDBI into a Bank. Prior to joining IDBI Mr. Vora was Chairman of National Housing Bank from 1996-2001. He started his career with State Bank of India in 1967. He has worked as Executive Director (Finance) of Gujarat Industrial Investment Corporation Ltd., as Chairman of Fertilizers and Chemicals Travancore Ltd., Kerala, and Director Finance of Gujarat State Fertilizers & Chemicals Limited.

Mr. Vora is a Chartered Accountant and CAIIB – all India first rank holder and bachelor of commerce with a first class first in Gujarat University and gold medalist.

Commenting on his appointment, Mr. B G Jain - Chairman & Managing Director, Nakoda Limited said, “We are extremely delighted to have Mr. P P Vora as an Independent Director. Nakoda will now be able to leverage his expertise & advise to its benefit”.

About Nakoda Limited:
Nakoda, an ISO 9001 - 2000 company, is one of the prominent players in the Polyester Filament Yarn Industry in the country. From a modest capacity of 354 MTPA in 1986, Nakoda grew to 50,000 MTPA capacity company by 2008. With the completion of its ongoing backward integration/ expansion / forward integration project with a capital outlay of Rs 333 Cr, Nakoda will achieve a capacity of 1,40,000 MTPA by August / September, 2010. Nakoda is contemplating further investments of over Rs 1,500 Cr to raise the capacity to a level of 5,00,000 MTPA in India and for future overseas acquisitions.   

Nakoda ranks amongst top 500 in Indian companies according to the research carries out by Business India as well as Financial Express