SVC Industries Ltd Company Summary

SVC Industries Ltd Summary

SVC Industries Ltd (Formerly known as SVC Superchem Ltd (SVCL) was incorporated on August 29, 1989 led by Promoter, Mr. Suresh Chaturvedi. The Company had set up a PTA plant at village Chhata in district Mathura in the State of UP. The plant, after successful trial run, was put under shut down since September 2000 due to various reasons beyond control of the Company. The Company abandoned its PTA project in 2018 and is utilizing its infrastructure for some new industry as advised by international consultants EY. The Company with a few other partners had set up a new special purpose vehicle (SPV) in the name of M/s. Nandavan Mega Food Park Private Limited for setting up a Mega Food Park on its existing land. The company which was earlier engaged in trading in steels and chemicals like benzoplast, acetone, pine oil, toluene, benzene, phenol, etc, had discontinued the trading activities in Jul.94 to concentrate on its PTA project.SVCL has a technical collaboration with Tecmor, the US. The company is implementing a project to manufacture 1.2 lac tpa purified terephthalic acid (PTA) at Chhata (Mathura district), Uttar Pradesh. It has issued FCDs, aggregating Rs 216 cr, to finance the PTA project. Trial test has been commenced. The company proposes to set up facilities for petro products which will have synergy with the existing PTA project. Due to the delay in the approved and sanctioned release of the required funds, continuous operations could not be sustained resulting in various start up and shut down of trial runs.Tata Consulting Engineers Limited and SBI Capital Markets Limited have submitted a detailed report covering technical and financial aspects based on which the restructuring proposal was prepared by IFCI Ltd., which is under active consideration by the consortium of lending Banks and Financial Institutions. The Company is awaiting releasse of required resources recommended by the appropriate agencies in order to start the plant and achieve commercial operations.National Company Law Tribunal (NCLT) vide its order dated July 28, 2020 has approved amalgamation of certain promoter and non promoter companies. SVC Growth Funds Private Limited, Chaturvedi Engineering and Trading Private Limited, Krishna Advisors Private Limited, Anaya Global Suppliers Private Limited, All in One Finance and Investments Private Limited, Akash Organics Private Limited, Yamuna Estates Private Limited, Leo Plasto-Chem Private Limited, Ayog Computech Private Limited and Clever Fabric and Fashions Private Limited (Transferor Companies) have been amalgamated with Akhill Marketing Private Limited (Transferee Company). As per the said order all assets and liabilities of the transferor companies are required to be incorporated in the books of transferee company.