Arnav Corporation Ltd Company Summary

Arnav Corporation Ltd Summary

Polypro Fibrils (I) was incorporated as a private limited company in Sep.87. It was originally promoted by Ambrish Chheda and B M Gajjar. The management could not finalise the activity to be undertaken by the company due to their pre-occupations. Therefore, since incorporation there was no specific activity till 1993. After Dec.92, when D J Chaturvedi joined the Board, the management decided to set up manufacturing units for tarpaulin and synthetic ropes. The present promoters are D J Chaturvedi, Harish Parikh, Parimal Parikh and Ashwin Deepala. The company became a public limited company in Dec.94.The company set up an integrated plant for manufacturing synthetic ropes (inst. cap. : 1900 tpa) and tarpaulin (inst. cap. : 500 tpa) at Wada, Maharashtra. Commercial production of tarpaulin commenced in Mar.95. It came out with a public issue of 18,07,000 equity shares of Rs 10 each for cash at par aggregating Rs 180.70 lac, in Dec.95 to part-finance its project.The company has a buy-back arrangement with MTET, the UAE.