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Progressive Extractions & Exports Ltd. Company History and Annual Growth Details

The company was incorporated on 21-04-1981 as a private limited Company for setting up a 60 TPD Solvent Extraction plant at Mandideep, District Raisen, Madhya Pradesh by Shri V.K.Sacklecha, Shri. O.P. Sacklecha and their family members. Soon after the incorporation of the company,
promoters arranged land for project implementation and financial assistance was sanctioned by MPAVAN (Rs. 54.00 lakhs) and MPFC (Rs. 30.00 lakhs).

Due to various reasons the project could not be implemented as per original Schedule and the MPAVN and MPFC has not disbursed the sanctioned term loans and we confirm you that there are no dues against the same to MPAVN and MPFC. In September, 1991, the original promoters Shri. O.P. Sackelecha and their family members transferred the entire
shareholding of 10220 equity shares Rs. 100 each aggregating to Rs. 1022000/- for a consideration of Rs.10.22 lakhs and the management to the New Promoters. i.e., Shri. D.K. Audikesavalu, Shri Edwin D'Souza and Shri. Henry D'souza.

The Company acquired the land for the project started civil works and placed orders for the machinery till January 1983, it had spent an amount of Rs. 20.00 lakhs on the project. However for certain reasons the promoters subsequently stopped further work on the project and till
September 1991 could not implement the project. During this period the minimum economic size of the unit had changed considerably. Therefore the management decided to increase the capacity of SEP from 60 TPD to 200 TPD and Refinery of 35 TPD, which called for increased capital
investment. This prompted the old management to sell their entire share holding in the company, to Mr. D.K. Audikesavulu, Mr. Edwing D'Souza, Mr. Henry D'Souza and Associates. Soon after change in shareholders the new Board of Directors started taking effective steps to recast and implement the project. It was decided to set up SEP of capacity 200 TPD and Refinery 35 TPD.