Incorporated as a private limited company in Jul.'88, Cana Glass commenced trading in glass bottles on a small scale. It was converted into a public limited company in Sep.'93. It was promoted by P K Pillai and Rajesh Pillai. Promoted by P K Pillai and Rajesh Pillai, the company set up a plant to manufacture glass containers at Sanaswadi (Pune district), Maharashtra. It came out with a public issue in Aug.'94 to part-finance the project. Commercial production commenced in Feb.'95. In 1995-96, the performance of the company was largely affected since the furnace had to be shut down for nearly four months for carrying out urgent cold repairs. The company was declared a potentially sick company in 1996-97 and hence it was referred to the BIFR. Since October 2000 the company operations was suspended due to workers unrest and subsequent disconnection of power by MSEB.