Polar Industries Ltd Company Summary

Polar Industries Ltd Summary

Established in 1982 and promoted by Anil Agarwal, Polar Industries (PIL), the flagship of the Polar group, is primarily a ceiling-fan producer, but has re-fashioned itself into an electro-mechanical syndicate by diversifying into synergical products like fractional horse power (FHP) motors and water/chemical lifting pumps. PIL which has four divisions - fans (cap. ; 15 lac), FHP motors (cap. : 6 lac), pumps (cap. : 3.6 lac) and electrical stampings (cap. : 2940 tpa) - has also added domestic appliances to its fold. It launched a wide range of domestic appliances under the Sheffield brand name, which received a good response.The takeover of Sumach Electricals by the company stregthened its ceiling fan segment. The introduction of hi-speed presses and de-carbonisation and re-crystallisation plants in the lamination division increased PILs installed capacity. The company has expanded its motor divisions capacity to 6 lac pa.The fans are being exported to countries like the UK, Germany, Holland, France and other European countries, besides west Asian countries and Bangladesh; while motors are being exported to Russia and other European countries.The company has achieved a major milestone by becoming an ISO 9002 in all the product lines. It has expanded its product range through introducing new models like `Windchill,`Winchester,`Edison-M.X.,`Edison Sunflower Yellow, etc. During 2000-01,the company took a timely decision to merge a group company,Polar Fan Industries Ltd(PFIL) with Polar Industries Ltd(PIL).PFIL is an existing profit making company, is been engaged in the manufacture and marketing of Fans of various types. The Honble High Court of Kolkata has also approved the scheme of merger and issued orders on 02.07.2001 for merger of both companies.