Shree Digvijay Cement Co. Ltd

Shree Digvijay Cement Co. Ltd

Shree Digvijay Cement (SDCL) started commercial production of cement in 1949. The cement is marketed under the trade name Lotus. A plant to manufacture asbestos cement pipes and a sheets plant was commissioned in Nov.'62 with Johns Manville Corporation US being the technical consultant and the sole selling agent in West Asian and African countries.From Apr.'82 Hastings Mills at Rishra West Bengal comprising of a jute mill a synthetic fabric division and a coir and felt division was amalgamated with SDCL. The synthetic division has been closed since Feb.'86. Rubberised coir product is sold under the brand name Rilaxon.In 1994-95 it obtained ISO 9002 certification for its Digvijaygram unit. SDCL approved a scheme of arrangement for transfer of four of its divisions viz. Ahmedabad Cement Mill fibre products division Shreeram Silk division and Coir & Felt division and investment in shares in Shree Synthetics and Fort William Company to Gujarat Composites with effect from 1 Jul.'94.A Scheme of arrangement of the company's four divisions was made between the company and Gujarat Composite Ltd. The Scheme was completed in 1997-98.GCL has allotted equity shares in GCL capital in the ration of 1 : 3 to the members of the company as per the sceheme. Further the company has transferred the investment held in shares in other bodies corporate aggregating to Rs. 653.18 lacs to Digvijay Finlease Ltd. (DFL). In consideration DFL has allotted equity shares in DFL capital in the ratio of 1 : 2 to the member of the company. Consequently Laxmi Asbestos Products Ltd. Indian Textile Agency Ltd. and Shree Rubcoir Mattresses (P) Ltd. have ceased to be the subsidiaries of the company.The Company has installed 3 Nos. of captive power plants each of 6 MW aggreegating to 18 MW capacity 1998-99.In 1999-2000 the company has been declared as a sick industrial company as per the reference made to the BIFR and has appointed ICICI as the operating agency. The company has completed a modernisation programme in 2000-2001 with close circuiting and installation of pre-grinding system for its cement mill.