Visaka Industries Ltd, a joint sector company promoted by G V Kalavati, G Vinod, G Vevekanad and APSIDC. The company was originally incorporated in the name of Visaka Asbestos Cement Products in Jun 81 and acquired it's present name in Aug 1990. The other group companies are Visaka Cement Industry, Venus Tobacco Company and VST Natural Products. VIL is engaged in the manufacture of fibre cement products and synthetic blended yarn. It came out with a rights issue aggregating Rs.5.07 cr.( 29.85 lac equity shares at a premium of Rs 7,) to part-finance the Rs.23.07 crore expansion project at it's existing synthetic yarn facility at Nagpur. In May '95, VIL obtained ISO 9002, the Quality System Certificate from the Bureau of Indian Standards for its textile division. In Nov'95, VIL came out with a rights issue aggregating 289.59 lacs in Jan 1996. In the year 1997-98, Asbestos unit at Paramathi Velur in Tamil Nadu commenced commercial production. To bring about syngergy in its operations, the company is now negotiating a strategic investment alliance with M/s Shakti Roofing Pvt Ltd, a company producing asbestos cement products with an installed capacity of 36000 MTPA.