Parasrampuria Industries Ltd., incorporated in Jan.'86 as Parasrampuria Housing & Allied Industries changed its name to Parasrampuria Capitol Industrials in May '86. The company originally dealt in real estate, leasing and finance and texturising of polyester (POY). In Sep.'86, it issued its first equity shares to set up a project to manufacture texturised and twisted yarn. Its name was later changed to Parasrampuria Industries (PIL).
In 1990-91, PIL embarked upon a diversification plan by setting up a project at Dadra to manufacture 4500 tpa of polypropylene multi-filament yarn (PMFY), which had enough flexibility to manufacture polyester, nylon, etc. The project was commissioned in two phases. The first phase (50% of total capacity) was completed in Mar.'92, and the second in Mar.'93.
In Dec.'91, to part-finance the Rs 43-cr PMFY project, the company offered convertible debentures worth Rs 13.13 cr. It has diversified by taking on a 150 tpd solvent extraction plant. The company further diversified into mining and processing granites. PIL expanded its PMFY capacity from 4050 tpa to 9750 tpa at a cost of Rs 39.75 cr. The expansion project started in Oct.'94, financed through an issue of equity shares in Aug.'94 (premium : Rs 15) and cumulative convertible preference shares (CCPS) of Rs 75 each (1:10), to be converted into three shares after three years. The additional capacity was commissioned in 1994.
As informed in the earlier years due to lack of funds the expansion project to increase its capacity from 9750 TPA to 15600 TPA remains incomplete.The total cost of project is approximately Rs.11 crores for its completion. Now the company is planning to raise funds through ECB route.The company has been referred to BIFR as networth was fully eroded.