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Incorporated in 1979, Bhoruka Aluminium (BAL) is currently Chaired by Sreenivasa Rao and Managed by Managing Director R K Agarwal. BAL is engaged in the production of aluminium extrusion with an installed capacity of 5000 tpa at Metagalli, Mysore. With the aluminium industry afflicted by shortage of raw material, demand constraints and increase in excise duty, BAL suffered consistent losses due to under-utilisation of capacity and was declared a sick company in 1991. BAL was sanctioned a rehabilitation scheme by BIFR on 30 Jun.'93, pursuant to which plant & machinery and other fixed assets have been leased to M/s Transport Corporation of India (TCI) for a period of three years from 1 Apr.'93 for a consideration of Rs 3 cr pa which is utilised for repayment of loans and interest to financial institutions and banks. According to the sanctioned scheme, the company has alloted 35,47,400 equity shares of Rs 10 each at par to TCI, Bhoruka Steel and financial institutions by way of conversion of part of their outstanding loans / interest dues. BAL has gone for modernisation, expansion and diversification by improving the existing methods of manufacture and installation of an additional extrusion press and anodising plant. The Company has been ceased to be a sick company as accumulated losses has exceeded the Networth of the company. |
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