Refnol Resins and Chemicals was incorporated on 1 Dec.'80 as a private limited company. It was converted into a public limited company in Sep.'94. The company forms part of the well-known Mahendra Khatau group of companies and is promoted by Mahendra Khatau and Anil Khatau. Its manufacturing facilities are located at Naroda, Ahmedabad. Refnol commenced commercial production in 1981-82 by setting up a plant for re-refining waste lubricating oils. In 1987, it undertook a major diversification to manufacture textile sizing chemicals, in technical collaboration with Seydel International, US. The company started manufacturing saturated/unsaturated polyester resins in 1989. Polyester resins find appliation in fibre glass composites, cultured marble, etc. The company made a public issued in 1995 and the proceeds was used by financing the expansion programme involving the increase of textile sizing chemicals from 1800 tpa to 3000 tpa. The company has been referred to BIFR as the Networth was fully eroded and the Board had declared the company as Sick.