|Savera Enterprises Limited (SEL) was incorporated as a Private Limited Company under the Companies Act, 1956 on November 17, 1969 under the name of 'Savera Hotels Private Limited'. The name of the Company was changed to the present one on September 21, 1976 and a fresh certificate
of incorporation was obtained from the Registrar of Companies, Tamil Nadu. Subsequently, the Company became a Deemed Public Company under the provisions of section 43A of the Companies Act, 1956, with effect from April 1, 1982 following which the word 'Private' was deleted in the
Certificate of Incorporation.
Pursuant to its objects, the Company is engaged in the running & management of Savera Hotel, a four star hotel, located in Madras.
The Company was originally set up as a partnership firm in 1965 when the promoters, Mr. A. Venkatakrishna Reddy, Mr. M. Ramaraghava Reddy and Mr. A. Shyamasundara Reddy joined hands to set up and run a hotel. The promoters with considerable experience in the real estate and hotel
business acquired land admeasuring approximately 5000 square metres in Mylapore, a prime locality in Madras, to put up Hotel Savera, a hotel with 20 rooms and a restaurant. The hotel with its prime location served as a major centre of attraction for the travelers resulting in a
continuous rise in the number of tourists visiting the hotel.
In 1969, the promoters also set up a Company under the name 'Savera Hotels Private Limited' to meet the needs of their growing business, also keeping in view the long term perspective of the hotel industry. In 1971, the partnership concern sold 1 757 square metres of its land to
Savera Hotels Private Limited which subsequently also acquired 4684 square metres of land around the original hotel.
In 1972, 125 rooms were added to the hotel and the original 20 rooms were converted to build the hotel office and conference rooms. In fact, when the company started operations in 1972, accessories like the swimming pool were already constructed, an idea which was not common with the hotel industry in Madras city then.
Since then, Savera Hotel has not looked back and has given considerable thought and attention to renovation and additions to amenities like Minar Restaurant, an exclusive restaurant serving Moghlai food which was added in 1975;
Pallavi Theatre, a fully equipped auditorium with complete audio visual facilities and a 35mm projector commissioned in 1978; closed circuit television sets provided in all the 125 rooms of the hotel in 1982; a completely renovated permit room called Bamboo Bar, which was shifted from the basement to the ground floor in 1985; keeping in mind the
shift of the customers from the use of auditoriums to compact conference halls, the Pallavi Theater, completely renovated and converted into a conference hall in 1991; and Sweet Touch, a pastry shop was also started in 1992.
The partnership concern and the Company existed concurrently till 1985, whence the partnership was dissolved and Savera Enterprises Limited took over all the assets of the partnership concern. The same was done with
the objective of enjoying the benefits of the economies of scale arising out of the consolidated business.
On the financial front, the Company has consolidated its business with every passing year which is reflected in the growth of its turnover from Rs. 275.57 lacs in 1990 to Rs. 688.56 lacs in 1994. Profits have also moved up in tandem with the turnover from Rs. 45.82 lacs in 1990 to Rs. 154.09 lacs in 1994. The Equity Capital as at March 31, 1994
stood at Rs. 93.00 lacs. Subsequent to which, the Company issued 35,34,0000 Bonus shares to the Promoters by capitalising Free Reserves to the extent of Rs. 100.00 lacs and Revaluation Reserves to the extent of Rs. 253.40 lacs, as result of which the share capital increased to Rs. 446.40 lacs.
-Mr. A Ravikumar Reddy appointed as Managing Director of the company with effect from 01/02/2004 for 5 years
-Savera Industries Ltd has appointed Ms. A Nivruthi, as an Additional Director of the Company with effect from January 31, 2007 who hold office till the forthcoming Annual General Meeting of the Company.
-Company name has been changed from Savera Hotels Ltd to Savera Industries Ltd.