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Garware Polyester Ltd. Company History and Annual Growth Details

1957 - The company was Incorporated on 6th June, under the name Garware
Motors & Engineers Pvt. Ltd., and was converted into a public
limited company on 26th May 1981. The Company's objects is to
manufacture rigid PVC pipes, HIP sheets, ABS cop sleeves, PVC
pipe fittings and industrial mouldings, general mouldings and
extrusion items, metallised film for Sari yarn, electrical
insulation film, packaging laminates, tea wrapping film and bare

1966 - A new factory and office was constructed at Vile Parle which
continued to house the plastic division. The unit at Byculla
was subsequently shifted to Nagpur. A part of the capacity for
rigid PVC pipes was installed at Nasik.

1975 - 9,000 Bonus equity shares issued in prop. 3:5 on 24th December.

1976 - A new project was set up at Aurangabad to manufacture biaxially
oriented polyester film. Thereafter, Garware Plastics Pvt. Ltd.
(formerly known as Garware Motors Ltd.), was merged with the
Company with effect from 1st January.

- 6,60,000 No. of equity shares issued without payment in cash to
members of Garware Plastics Pvt. Ltd. on 6th December consequent
to its merger with the company.

1977 - The name of the Company was changed to Garware Plastics &
Polyster Pvt. Ltd., with effect from 14th April.

1978 - Another factory was started at Nasik for metallising and coating
of polyester film.

- A coating plant to metallise polyester and PVC film was installed
at Nasik.

- 6,84,000 Bonus equity shares issued in prop. 1:1 on 6th February,

1979 - The Company obtained an industrial licence to expand the capacity
of polyester film from 600 tonnes to 1,500 tonnes per annum and
to set up a captive plant with a capacity of 2,000 tonnes per
annum for the manufacture of polyester chips which was the raw
material for the manufacture of film. The expansion was to be
carried out in the Company's existing unit at Waluj in

- Plant and equipment for the second film line were imported from
reputed suppliers from U.S.A., France, West Germany, U.K. and
Japan. An existing plant was being imported for the manufacture
of chips from Phillips Petroleum Co., U.S.A., which was a
subsidiary of Phillips Petroleum Co., U.S.A.

1981 - Coloured polyester film for cable application was developed.

- The object of the issue of capital to the public during August
was to raise funds to meet a part of the cost of the expansion of
polyester film capacity and polyester chips project and to get
the company's shares listed on the Stock Exchange, Mumbai.

- 9,57,600 Bonus Equity shares issued in prop. 7:10 on 25th May.

- 34,88,400 No. of equity shares issued at a prem. of Rs.3 per
share of which 1,74,420 shares reserved and allotted to the
employees and business associates of the Company and the balance
33,13,980 shares offered for public subscription during August.

1982 - The working was affected due to increase in the customs duty on
polyester chips without a corresponding increase in the customs
duty on polyester film.

1983 - Garware polyester film for sun control was introduced on a
commercial scale and this was well received. A patent in the
U.S.A. for this film was obtained. A number of new products such
as polyester based adhesive tapes, heat sealable film and super
copy static film were ready for commercial production.

- The Company raised Rs.400 lakhs by issue of privately placed 15%
non-convertible secured debentures to ICICI, UTI and Army Group
Insurance Fund to finance a part of the long term working capital
requirements as well as modernisation programme.

1984 - One generating set of 1,450 KVA for polyester film plant at
Chikalthana and two diesel generating sets of 1,000 KVA each
were being installed for polyester chips project at Waluj.

- The glycol recovery plant at Waluj was commissioned on schedule.
A letter of intent was received for the manufacture of audio,
video and computer tapes for which the company had negotiated the
import of technology.

1985 - The process and technology for the manufacture of X-ray film and
graphic art film were completely developed.

- The Company raised Rs.185 lakhs by issue of privately placed 15%
secured non-convertible redeemable debentures to UTI to finance
a part of its long term working capital requirements.

- As on 30th June, the Company's land at Vile Parle, Nasik,
Aurangabad and Waluj and building at Vile Parle were revalued and
the surplus amount arising out of this was credited to capital

1986 - The Company set up a modern facility for recorded cassettes. The
company has the state of the art facilities for moulding,
assembly, transfer and duplication of video cassettes.

1987 - The first phase of modernisation in the polyester film plant was
completed by the end.

- The Company developed new grades of sun control film. A pilot
coating plant was installed for medical and industrial X-ray

- On 25th March, the following debentures were allotted:

- (i) 4,64,800 debentures to the equity shareholders on a rights
basis in the ratio of 2 debentures for every 25 No. of equity
shares held and

- (ii) 34,860 debentures to the employees/workers/Indian working
directors on an equitable basis.

- Each debenture of Rs.150 was to be converted into 5 equity shares
of Rs.10 each at a premium of Rs.20 per share on 1st July.

- 24,98,300 No. of equity shares allotted on 1st July, (prem. Rs.20
per share in conversion of debentures).

1988 - The Company received a letter of intent for manufacture of 6
million sq. mtrs. of X-ray film and graphic art films. The X-ray
pilot plant was set up with the assistance of IDBI and the
Venture Capital Fund Scheme.

- During February, 1989, the company offered 24,93,800 No. of
equity shares (prem. Rs.25) on rights basis in prop. 3:10.
Additional 3,74,070 shares were allotted to retain
oversubscription (out of this 483 shares were set aside to
accommodate future claims). Another 1,31,300 No. of equity
shares (prem. Rs.25 per share) were issued to employees on
equitable basis (all were taken up).

1990 - Optimization of product mix, concentration on high value product
and introduction of new products such as sun-control film and
audio/video grade film.

1991 - Fluorescent yarn was a new product developed by the Company.

1992 - The Company undertook substantial expansion of its capacity firm
10,000 TPA to 25,000 TPA together with modernisation and
upgradation of existing production facilities.

- Garware Video Cassettes Ltd., and Garware Photo Films Ltd., are
subsidiaries of the company, these ceased to be subsidiaries.

1994 - The Company set up the third film line with a capacity of 9,000
TPA. In addition is also to set up two additional lines with a
total capacity of 29,000 TPA in addition of to a Continuous
Polymerisation (CP) plant with a capacity of 20,000 TPA.

- The Company proposed to implement DMT project in Garware
Chemicals Pvt. Ltd. (GCP), a company incorporated interalia with
the objects of manufacture of DMT and invest Rs.45 crores in the
equity of GCPL.

- Garware Photo and Polyester Films became subsidiary of the

- The Company entered into a collaboration with M/s. Grace
Enterprise of Singapore for setting up a joint venture for
trading and marketing.

- A new company under the name and style of Garware Grace Singapore
Pvt. Ltd., was incorporated in Singapore. The Company invested
$5,000 (equivalent to Rs.19,000) in this joint venture which
forms 50% of its equity capital.

- Consent from the Controller of Capital Issues was obtained for
issue of 4,99,660 - 13.5% convertible debentures of Rs.150 each.

- The company issued 24,89,622 - 16% NCDs along with 24,89,622
Detachable Warrants to financial institutions.

- The warrants entitles the holder to apply for 2 equity shares of
Rs.10 each at a premium of Rs.40 per share at any time between
3rd and 4th year from the date of allotment ie., 4th April.

- 64,860 No. of equity shares of Rs.10 each issued at a prem. of
Rs.40 per share to IDBI on conversion of part of loan amount of
Rs.32.43 lakhs.

1995 - DMT project undertaken by Garware Chemicals Ltd., progressed
Satisfactorily. A MoU has been signed with Sumitomo Corporations
of Japan to arrange for US $ 10.4 million to part finance this

- During November-December, the company issued 56,87,923 No. of
equity shares at a prem. of Rs.175 per share on Right basis in
prop. 1:2. Of these 3205 shares were kept in abeyance.

- 56,84,718 No. of equity shares of Rs.10 each allotted on rights
basis in prop. 1:2.


-Achieved the Rs.100 crore in export during 1995-96 has been awarded meritorious export performance.

-Care gas assigned a CARE A +' rating to the Rs 50 crore non-convertible debenture (NCD) issue of Garware Polyester Ltd (GPL). CARE has also given a 'CARE AA' rating to the Rs 4 crore NCE issue of Punjab Alkalies & Chemicals Ltd.


- Credit Rating Information Services of India Ltd (CRISIL) has downgraded fund raising programmes of Garware Polyester Ltd (GPL)


-Received the award for the `Top Exporter of The Year 2002-03'.


- Garware Polyester Ltd has appointed Mr. M C Agarwal as an additional director on the Board of the Company w.e.f. April 29, 2009.


- Garware Polyester Ltd has appointed Mr. Ramesh P. Makhija as an additional director on the Board of the Company w.e.f. November 12, 2009.


-Mr. Anil B. Bhalerao has been appointed as an additional director on the Board of the Company

-Garware Polyester has recommended a final dividend @ Rs. 1.50 per equity share of Rs. 10/- each (15%) and a special dividend @ Rs. 7.00 per equity share of Rs. 10/- each (70%) on the enhanced equity paid-up share capital, which along with the interim dividend paid during the year @ 15% aggregates to 100%


-Garware Polyester has recommended a dividend @ Rs. 1.50 per equity share of Rs. 10/- each (15%)


-Garware Polyester has commenced the commercial operation of the Bio-Auxiliary Poly Propylene Film (BOPP Film).
-Nilesh P Doshi has been appointed as an Independent Non Executive director of the company.