Formerly known as Prashant Proteins, Prashant India (PIL) was promoted by P M Gondalia as a private limited company in Nov.'83 and converted into a public limited in Sep.'85. In Mar.'84, PIL took over a sick and shut-down unit from Ulhas Oil and Chemical Industries located at Bhavnagar and turned it around in the first year of operations. To finance the expansion-and-modernisation scheme, PIL came out with a public issue in Nov.'85. Between 1986 and 1988, when Gujarat was in the grip of a severe drought, the company not only survived but even managed to perform well.
In Dec.'93, the company came out with a rights offer to finance its additional working capital requirements and to expand its infrastructure facilities for the international merchandise division. In 1994-95, the name of the company was changed to Prashant India. The company has successfully completed the project to manufacture polyester fabrics and polyester texturised, sized and twisted yarn at Palsana, Surat, as a part of its diversification and backward integration project.
The company has already commissioned and made operational five wind generators each having a capacity of 200 KW. It plans to undertake a wind farm project of 2 MW (phase-wise) for captive consumption. In 1994-95, the company exported goods to the tune of Rs 31.12 cr. Being the second-largest exporter of rapeseed deoiled cakes from India, it received the Export Award from the Solvent Extractors Association of India for 1994-95.
Company Wind Power Division continued to be far below the projection due to poor wind volocity pronounced by GEDA the Govt. Agency. Company has taking several strategic decision to increase the value added product which in turn will improve the operating margins in a competitive environment.
Company has approched to BIFR for suitable action under the Sick Industrial Companies & is under process.
Due to reduction in price and shut down of Agro Division during the year 1999-2000 has resulted in decrease in its turnover.