Prashant India Ltd Company Summary

Prashant India Ltd Summary

Prashant India Ltd (Previously known as Prashant Proteins Ltd), promoted by P M Gondalia was incorporated as a Private Limited Company in November, 1983. The Company got converted into a Public Limited Company in September, 1985. The Company is presently engaged in Textiles and Wind Power Generation business. In Mar.84, PIL took over a sick and shut-down unit from Ulhas Oil and Chemical Industries located at Bhavnagar and turned it around in the first year of operations. To finance the expansion-and-modernisation scheme, PIL came out with a public issue in Nov.85. Between 1986 and 1988, when Gujarat was in the grip of a severe drought, the company not only survived but even managed to perform well. In Dec.93, the company came out with a rights offer to finance its additional working capital requirements and to expand its infrastructure facilities for the international merchandise division. In 1994-95, the name of the company was changed to Prashant India. The company has successfully completed the project to manufacture polyester fabrics and polyester texturised, sized and twisted yarn at Palsana, Surat, as a part of its diversification and backward integration project.The company commissioned and made operational five wind generators each having a capacity of 200 KW. In 1994-95, the company exported goods to the tune of Rs 31.12 cr. Being the second-largest exporter of rapeseed deoiled cakes from India, it received the Export Award from the Solvent Extractors Association of India for 1994-95.Company has approached to BIFR for suitable action under the Sick Industrial Companies & is under process.