Ganga Papers India Ltd Company Summary

Ganga Papers India Ltd Summary

Ganga Papers India Ltd (formerly known as Kasat Paper and Pulp) was incorporated in Mar.85 as a private limited company by Shriram R Kasat and Shrikant M Kasat. It was converted into a public limited company in Dec.92.Engaged in the manufacture of different types of kraft paper including special quality kraft paper, and high grade kraft paper, the company commenced commercial production in 1987, with an installed capacity of 6000 tpa. Kraft paper is used for the manufacture of corrugated cartons and boxes. In 1990-91, KPPL undertook an expansion project to increase the installed capacity from 6000 tpa to 12,000 tpa. Again the capacity was increased by 3000 tpa to take the total installed capacity to 15,000 tpa in 1993-94. In Sep.93, the company established Unipack Containers and Carton Products, a joint venture with a resident of the UAE, in Dubai, for the manufacture of corrugated printed cartons, sheets and trays. The company holds a 49% stake in the joint venture in Dubai.KPPL is setting up manufacturing facilities for the manufacture of 10,000-tpa of newsprint and 5000-tpa of white writing/printing paper. In order to part-finance this project, it came out with a public issue of 28,33,340 equity shares of Rs 10 each for cash at a premium of Rs 20 per share aggregating Rs 8,50,00,200, in Apr.96. The company is also setting up a co-generation plant of 1.4 MW capcity, for captive consumption.In 2006-07, Honorable BIFR in its order dated 31st October 2006 accepted the draft rehabilitation scheme. As per the approved scheme new promoters put their contribution in the company and started the operations of the company. The MACHINE PM-1 was stared in the month of July and second machine PM-2 started in January 2007. The company started modernization process. As per the approved scheme 23,73,200 equity shares of Rs. 10/- each on which Calls were not received were forfeited. Also the balance 28,88,860 equity shares of Rs. 10/- each were reduced by 90% to 2,88,886 equity shares of Rs. 10/- each, as per the rehabilitation scheme approved by honorable BIFR. New 5,00,000 equity shares of Rs. 10/- each were allotted to Stressed Asset Stabilisation Fund as per the one time settlement scheme finalized with IDBI and SASF and also the 1,00,00,000/- equity shares of Rs. 10/- each were allotted to new promoters as per the draft rehabilitation scheme approved by BIFR. During the year 2007, the company changed its name from Kasat Paper & Pulp Limited to Ganga Papers India Limited.