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Polypro Fibrils (I) was incorporated as a private limited company in Sep.'87. It was originally promoted by Ambrish Chheda and B M Gajjar. The management could not finalise the activity to be undertaken by the company due to their pre-occupations. Therefore since incorporation there was no specific activity till 1993. After Dec.'92 when D J Chaturvedi joined the Board the management decided to set up manufacturing units for tarpaulin and synthetic ropes. The present promoters are D J Chaturvedi Harish Parikh Parimal Parikh and Ashwin Deepala. The company became a public limited company in Dec.'94.The company set up an integrated plant for manufacturing synthetic ropes (inst. cap. : 1900 tpa) and tarpaulin (inst. cap. : 500 tpa) at Wada Maharashtra. Commercial production of tarpaulin commenced in Mar.'95. It came out with a public issue of 1807000 equity shares of Rs 10 each for cash at par aggregating Rs 180.70 lac in Dec.'95 to part-finance its project.The company has a buy-back arrangement with MTET the UAE. |
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