Incorporated in Apr.'87, Rockwool (India) was promoted by K. Venkata Rao, K. Venkatarathnam, M. Parandhamaiah, R. Venkateswara Rao jointly with Andhra Pradesh Industrial Development Corportion (APIDC).
Company manufactures resin bonded wool, slabs, pipe sections, loose wool etc. Company undertook to set up a plant for the manufacutre of resin bonded rockwool at village kaveli, Dist. Medak in Andhra Pradesh in technical collaboration with Hyundai Corporation, Korea. The imported plant and machinery was ordered from the technical collaborator.
In Jan.' 90, the company came out with a public issue aggregating Rs 4.54 lac. In 1997-98 Company increase its Authorised Share Capital to Rs.12.00 Crores as well as Subscribed Capital also increased by way of alloting 0.19 Lacs Equity Shares of Rs.10/- each to M/s Alghanim Industries (Mauritius) Limited.
Company completed modernisation programme under which it has installed two machines at capital cost about Rs.2.00 Crores by which it has improved the production efficiency in the Pipe Section Line and Stitching capacity by importin the machines from Germany & Spain. Company also looking forward with contemplating exports through its Foreign Promoters, M/s. Alghanim Industries (Mauritius) Ltd. for supply of Thermal Insulation Wool to Gulf & Other countries.
During 1998-99, the Company installed automatic stitching machine on the main line and Pipe Section Machine imported from Germany and spain respectively. M/s Alghanim Industries (Mauritius) Ltd (AIM), the foreign promoters of the Company acquired 3,43,781 Equity Shares of Rs. 10/- each from the existing shareholders of the Company. AIM's shareholding in the Company has increased to 29.4 %.
In terms of the Orders passed by the BIFR, the Company on November 30, 1999, allotted 1,67,20,000 equity shares of Rs. 10/- each to the promoters at a discount of Rs. 5/- per share. The company is planning to increase its distribution network by opening more sales branches and by expanding its distribution network.