Novopan Industries Ltd Company Summary

Novopan Industries Ltd Summary

Incorporated on 31 Aug.1984 as G V K Hotels Pvt Ltd, Novopan Industries became a public limited company in Nov.84. The company owns the Krishna Oberoi, a five-star hotel, in Hyderabad. Technical expertise is being provided by The East India Hotels, a member of the Oberoi group which owns and operates luxury hotels at prime locations all over the country and abroad.The company was promoted by Somnadri Bhupal and G V Sanjay Reddy, as a part of the G V K group of companies. The hotel has 286 rooms and is located in Hyderabads exclusive Banjara Hills. The hotel started its operations in the year 1987. It has restaurants overlooking plazas with fountains and gardens, ten suites opening out onto terrace gardens and two presidential suites with private swimming pools. There are two speciality restaurants serving Hyderabadi and Chinese cuisine. In 1994, Novopan (I), a leader in the particle board industry, reverse-merged with G V K Hotels with effect from 1 Apr.94. The new company thus formed was given the present name. After the merger, the share capital of the G V K Hotels reduced from Rs 14.78 cr to Rs 2.96 cr.During 1996-97, the particle board division enhanced its market leadership by launching of two new premium products namely, post forming laminates and high abrasion & anti-static boards. The company incured an expenditure in connection with the refurbishment of Ist and IInd floors and also landscaping of the hotel Krishna Oberoi totalling to Rs 183.24 lacs.NIL has implemented a company-wide ERP system to bring integration across all levels, departments and locations by on-line accurate control data, reduce inventory levels and efficient customer feedback system.The Scheme of Arrangement between Novopan Industries and GVK Hotels & Resorts Ltd for the demerger of the hotel division was approved by the court in April2000. Accordingly, the hotel division of the company has been demerged and merged with Taj GVK Hotels & Resorts Ltd w.e.f. April 1999.