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Carona Ltd.

BSE: 509495 Sector: Others
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Carona Ltd
NSE 05:30 | 01 Jan Carona Ltd

Carona Ltd. (CARONA) - Company History

Incorporated in 1953, Carona, managed by the Sahu family till 1984, was earlier called as Carona Sahu Shoe company. In 1984, the company was acquired by the Khataus after which it got the present name. The company manufactures canvas/rubber footwear of all kinds. It has its manufacturing facilities in Bombay, Aurangabad and Ahmedabad. In 1989, the company entered into a technical agreement with Puma AG Rudolf Dassler Sport, Germany, to manufacture sports and special application shoes. It came out with a public issue in Jun.'89 to set up a unit in Aurangabad to manufacture the sports shoes. In 1995, there was a reshuffle in the management because of a split in the Khatau family. In addition to the labour problem, the company was also not able to cope up with the competition from the unorganised sector for its lower segment products like canvas and rubber footwear. The company was incurring losses. Consequently, in 1995, it disposed off its Jogeshwari plant where operations were partially suspended since Mar.'94. 800 of its 1200 workers were relieved through a VRS scheme. The company renewed its agreement for five years with Puma in 1995. During the year 1999, the company has been registered as a sick company under SICA 1985 and BIFR has appointed Bank of India as its operating agency to expedite preparation of Draft of Rehabilitation Scheme.