HG Industries Ltd Merged Company Summary

HG Industries Ltd Merged Summary

Incorported as a private limited, Himalaya Granites (HGL) was promoted by M P Valusami, M Vijan, M P Balkrishna, S Susindran and R Gunasekaran to set up a 100% export-oriented granite processing unit. However, the unit was sold to S P Mittal and R Mittal of the Greenply group in 1991. Commercial production of monuments, tombstones, and memorials started form Aug.91. HGL was then converted into a public limited company and given its present name in 1994.The company tapped the capital market in Dec.94 to fund the expansion of its existing unit and to implement a backward integration project to acquire and develop granite quarries and to procure quarrying and material handling equipment.Its products are exported to the UK, the US, Germany, Japan, Canada, Ireland, etc. HGL is the winner of the CAPEXIL Certificate of Merit for two successive years (1992-93 and 1993-94). The company has also started exports of rough granite blocks from its own quarries.In 1997-98 the company increased its installed capacity of Granite Monuments by 14500 Sq Mtrs there by taking the installed capacity to 26500 Sq Mtrs.