MTZ Polyesters (formerly Tributon Exports) was incorporated in Sep.'85. Inorder to reflect the product manufactured by the company its name was later on changed to MTZ Polyfilms. The controlling stake of the company was acquired by Metazinc (India) alongwith its associate companies in Aug.'94.
The company was engaged in the business of trading and import export. In 1995, the company diversified to manufacture 20,000 tpa of polyester chips and 10,000 tpa of polyester film, at Patalganga, Maharashtra. The company came out with a public issue in Feb.'95 to part-finance the project.
Project capacity of Polyester Film has gone up to 13000 TPA and Polyester Chips to 30000 TPA on completion.
The company made a reference to BIFR in lieu of its accumulated losses and in turn after hearing the case the board has appointed Bank of Baroda as the Operating Agency..