BIL was originally incorporated as Bhupendra Ships in Apr.'88. It became a public limited company in 1991 and the name was changed to Bhupendra Industries Ltd in Jan.'93. It has been promoted by S K Bagla of the Bombay-based Bhupendra group. The company is engaged in the manufacture of steel wires of various kinds. It also trades in various steel products such as CR CA, GP coils and sheets, steel structurals, wire rods, etc. It came out with a public issue in Dec.'93 to part-finance capital expenditure to set up a project for pre-stressed concrete wires, galvanised wires, G I wires and M S / HHB electrode wires. Pre-stressed concrete wires and strand wires are used in the construction of bridges, silos, buildings, dams, stadia, airport hangers and also for items like railway sleepers, hume pipes, electricity poles, etc. C I wires are used for netting, fencing, barbing, electric transmission, cables, conductors, etc. M S wires are widely used in steel fabrication, engineering products, fasteners, rails, etc. Electrode wires are mainly used by the manufacturers of welding rods. The company has increased the installed capacity of Steel Wires from 20000 mts to 26000 mts of its existing plant. During the year 1998-99, the Company's net worth has turned negative and the Company has become a Sick Industrial Company. The Board has decided to make a reference to the BIFR in pursuance of the provisions of Sub Section(1) of Section 15 of the Sick Industrial Companies (Special Provisions) Act, 1985.