Girdharilal Sugar & Allied Industries (GIRDSGA), incorporated on October 27, 1989 as a public limited company, has been engaged in the manufacture of sugar. Formerly known as Narmada Sugars, it got its present name on December 20, 1996. The company was principally promoted by Premier Proteins and Rajesh Agarwal, who also has business interests in other companies like Premier Industries, Premier Feed Products, Vertex Investments and Premier Capital Services.
Located near Barwani in Madhya Pradesh, the manufacturing unit produces white crystal sugar with an installed capacity of 2,500 MTPA used for domestic purposes, confectionery and pharmaceuticals. Bagasse generated out of cane-crushing activities is used to generate power through an installed steam turbine unit for captive use.
Having accumulated losses over a period of time, the company made a reference to the Board for Industrial & Financial Reconstruction (BIFR). Following the BIFR order dated September 17, 2002, it has written back provisions for doubtful advances and continued to arrange working capital finance from private body corporates against pledge of warehousing receipts issued by Central Warehousing Corporation, with which it has a strategic arrangement. It is now out of the red and generated profits for the 15 months ended June 2008.
The registered office is at Narmada Nagar, Ghatwa Village, Thikri Tehsil, Barwani, Madhya Pradesh - 451660.
Milestones:
1989 - The company was incorporated on October 27 as a public limited company. The company was promoted by Premier Proteins Ltd. and other group Cos. and by G. L. Agrawal and R. K. Agrawal. The company was setting up a sugar project with a capacity of 2500 TCD, expandable to 3500 TCD, at village Ghatva, Tehsil Thikri, MP.
1994 - The company proposed to commence commercial production by November.
1995 - The crushing started from November 29. During the sugar season 217,315 MT of sugarcane was crushed and 70% of capacity utilization was achieved.
- The company proposed to set up a distillation project of 30,000 LPD for proper utilization of and value addition in molasses.
1996 - The turnover of the company rose to Rs 23.54 crore as against Rs. 7.66 crore in the previous year. However, profitability was affected due to higher interest costs and low sugar sales price.
1997 - The company became a sick industrial company, as per Section 3(1)(0) of Sick Industrial Companies (special Provision) Act, 1985. Accordingly a reference was made to Board for Industiral and Financial Reconstruction (BIFR).
