Incorporated as a private limited company in Feb.'91, Prakash Solvent Extraction became a public limited company in Apr.'92. The company was promoted by Thawardas Punjabi and Laxmichand Punjabi. The company's project of setting up a 100-tpd solvent extraction plant near Ahmedabad could not be completed, the reason being, the company which had intended to enter the capital market in 1993 could not do so due to the uncertainty in the capital market. Finally, it came out with a public issue in May '94 to part-finance the project. Commercial production of castor and rice bran solvent extraction plant at the company's plant commenced in Nov.'95. Its product is largely used in industries like soap, lubrication, paints, surface coating, perfumery, etc. Soap and paint industry consume about 70% of the production. During 1996-97, the company also propose to diversify its market of refined oil in small poly bag packings for consumer and retail domestic market.