Trinetra Cement Ltd Merged Company Summary

Trinetra Cement Ltd Merged Summary

Indo Zinc (IZL) was promoted by R P Agarwal and associates, was set up as a private limited company in Mar.87. It was converted into a public limited company in Jan.92. The company produces copper and zinc at its plant at Pithampur, Madhya Pradesh. Its cement plant is situated in Wajwana, Rajasthan.In Apr.93, IZL came out with its initial public offering at a premium of Rs 15, aggregating Rs 5.4 cr, to part-finance an electrolytic copper refining unit (cap. : 3000 tpa) and to add balancing equipment to the existing zinc plant. The estimated cost as appraised by the Madhya Pradesh Audyogik Vikas Nigam was Rs 9.01 cr.IZL is setting up a half-a-million-tonne cement plant with a capital outlay of Rs 150 cr, for which it is taking over the project of Mahi Cement by way of merger. The proceedings are pending with the Bombay and Rajasthan High Courts. IZL present zinc manufacturing capacity is 7200 tonnesDuring the year 1998-99, due to erosion of Net Worth, the Company has become a Sick Company and been referred to BIFR under the Sick Industrial Companies (Special Provisions) Act, 1985.As the company was declared sick by BIFR,there was no manufacturing activities conducted during the year 2000-01. However the Government of India has lifted the ban on import of Zinc Ash and the company has submitted One Time Settlement(OTS) to the operating agency IDBI on 11.05.2001 which is now under consideration. The company may turnaround in the near future.