Incorporated in 1980 and promoted by Shantilal Dave, D Dave and Yeshwant Oza, Shree Ambeshwar Paper Mills (SAPML) manufactures kraft paper with an installed capacity of 16,500 mtpa. The raw material comprises 55% bagasse, 30% imported waste and 15% jute. The kraft paper manufactured by the company is marketed mainly in Gujarat and Maharashtra. To diversify its product base, the company amalgamated with Shree Ambeshwar Chemicals Pvt Ltd on 1 Apr.'93. The merger broad-based SAPML's product portfolio into benzaldehyde (cap.: 720 mtpa), an intermediate used in the manufacture of pesticides, drugs and perfumes. To fund its expansion plans, the company declared a rights issue in 1992, but cancelled it due to unfavourable conditions in the capital market. The expansion was then funded through internal accruals and borrowings from the ICICI. The total installed capacity of Kraft Paper/Board as on 31st March 2002 was 21500 MT.