The Company was incorporated as a Private Limited Company on 29th
July 1988. The Company commenced trading in glass bottles on a small
scale. The Company has been converted into a Public Company on 30th
September, 1993 and has obtained a change of name certificate upon
conversion from registrar of companies, Maharashtra on 19th November
1993. The Company has been promoted mainly by Shri P. K. Pillai and
Shri Rajesh K. Pillai.
The Company had set up a plant for manufacture of USP Type 1
(Neutral) (furnace melting capacity of 20 tonnes per day) ORUSP Type
III (Sodia Lime) (furnace melting capacity of 25 tonne per day) glass
containers with accent on small sized bottles and vials to cater
primarily to the cosmetics, pharmaceuticals and liquor industry.
The main objective of the company is to manufacture glass
1994 - During August/September the company offered 55,30,100 No. of
equity shares of Rs. 10 each for cash at par of which
shares were offered to the promoters, directors, their
and relatives (all were accepted). 5,00,000 shares were
to NRIs (all were accepted). 5,00,000 shares were offered to
Mutual Funds (only 2,50,000 were accepted). 15,00,000 shares
were offered to public (all were accepted including 2,50,000
shares not accepted by the Mutual Funds). Additional 11,800
shares were allotted to public on account of rounding off to
nearest market lot.
1995 - The performance of the company was affected due to the shut
of furnace for nearly four months for carrying out urgent
repairs. The situation was compounded further by the
recessionary condition in the pharmaceutical industry.
1996 - 6,15,300 No. of equity shares allotted to promoters on