GSL Nova Petrochemicals Ltd

GSL Nova Petrochemicals Ltd

Promoted by Gupta Synthetics Ltd Gupta Silk Mills Pvt Ltd of the Gupta group and Chiripal Twisting & Sizing Pvt Ltd and Shanti Processors Ltd the Chiripal group Nova Petrochemicals Ltd (NPL) was incorporated on 23rd Dec'93 in Gujarat. NPL is engaged in the processing of all types of petrochemicals and related products and by-products like natural gas and synthetic gas naphtha hydrogen methane ethane propane abutane propylene etc.During 1995 the company came out with a public issue of equity shares at premium aggregating Rs.13.69 cr to set up a plant to produce partially oriented yarn (POY) with an installed capacity of 11977 tpa. This capacity was installed during 1996-97. This is a backward integration project wherein 55% of the annual production of POY will be consumed by the Gupta group.The second expansion has also been partly completed after installation of 24 Nos of Winders and 2 Nos of Draw Twisting Machines as appraised by Gujarat Industrial Investment Corporation Ltd and to implement third expansion by installing Two POY Lines & 6 Nos of Texturising Machines. The installation of the 5th POY Line has already been completed and also commenced commercial production from 1st July 1999. 6th POY Line has commenced commercial production Out of the 6 Nos. of texturising machines one texturising machine has already commenced commercial production. Balance five texturising machines are expected to be installed and to commence the commercial production during the year.The third expansion relating to installation of 2 Nos of POY lines and 6 Nos of texturising machines has almost been completedTo manufacture Polyester Chips the company went for backward integration where in the total installed capacity was 49000 TPA.The total estimated cost is around Rs.30 crores out of which UCO bank has already sanctioned a Term Loan of Rs.18 crores and balance the through internal cash accruals.AIt has installed 8 lines of Fully Drawn Yarn with a capacity of 16464 TPA in 2002-03.