Finaventure Capital Ltd Company Summary

Finaventure Capital Ltd Summary

Aridhi Hi Tech Industries, incorporated in 1984 as Streamlink Trading and Finance acquired its present name in 1990, consequent to the takeover by the Aridhi group. The company came out with its maiden public issue in 1985. In Nov.90, a rights issue was made by the present management. The company set up an ultra-modern agro-processing factory in the outskirts of Delhi. The project was set-up in a record time of 4 months, and the commercial production commenced in Apr.91. The company started with manufacturing icecreams and it entered into a long-term agreement with Cadbury India to market its icecream under the Dollops brand name. Dollops brand icecream business was sold to Brooke Bond Lipton India in Jul.93 by Cadbury. This unforeseen development led to a sharp decline in processing income, followed by an eventual closure of the icecream manufacturing operations in Nov.93. The company filed a petition in the Bombay High Court seeking arbitration for settlement of its claim of Rs 74.69 lac on Cadbury India. The arbitration proceedings are in progress. In 1993-94, the ICICI-sponsored R&D project for the manufacture of frozen fruits and vegetables was undertaken with technical collaboration from IIT, Kharagpur. It also set up state-of-the-art cold stores of 40,000 cft capacity in Feb.95. The cold stores were leased to a diary promoted by the company. This subsidiary company signed a four-year agrreement for rental of cold stores with Brooke Bond Lipton India.The company has a financial tie-up with a stock broking firm of the Bombay Stock Exchange.During 1999-2000, the companys first title multimedia on `Bhagvad Gita has been successfully launched in India and U.S.A. under the companys new division Indusvista e-Publications. The company has entered into a strategic partnership with amazon.com, the largest internet retailer globally.