Balaji Industrial Corporation was incorporated on Mar. 13 1984, in the name of Arun Ingots. It was promoted by Lalitha Sankar, S.B. Sankar Sankaranarayanan, and G.S. Venkataraman & S.P. Swamy. The Company became public on January 22, 1992. However in the year 1994 the name of the Company was changed to Balaji Industrial Corporation. Balaji Industrial Corporation is based at Nellore, India.
Prabha Engineering Company and Sai Engineering Works are the associates of the company.
The
Balaji Industrial Corporation was incorporated on Mar. 13 1984, in the name of Arun Ingots. It was promoted by Lalitha Sankar, S.B. Sankar Sankaranarayanan, and G.S. Venkataraman & S.P. Swamy. The Company became public on January 22, 1992. However in the year 1994 the name of the Company was changed to Balaji Industrial Corporation. Balaji Industrial Corporation is based at Nellore, India.
Prabha Engineering Company and Sai Engineering Works are the associates of the company.
The company is engaged in Indian Made Foreign Liquor , contract manufacturing and steel products. It is one of the largest producers of liquor in Andhra Pradesh. It has a distillery in Hyderabad of 24, 00,000 cases per annum capacity. The company has a steel plant to produce ingots and structural steel from mild scrap and a re-rolling plant.
History of the company:-
1984-The company was incorporated on 13March in the name of Arun Ingots Pvt. Ltd. The Company was promoted by Lalitha Sankar,S.B. Sankar Sankaranarayanan, and G.S. Venkataraman & S.P. Swamy. The Company was converted into a Public Limited Company on January 22, 1992. 1992:-
The name of the Company has been changed to Balaji SteelCorporationLimited on 30th March.
1993-
- 6,60,000 No. of equity shares of Rs 10 each allotted to promoters,their friends and relatives.
- 79,38,000 No. of equity shares were issued through a prospectus in September 1992 of which 27,80,000 shares were allotted on a firm basis to promoters, directors, etc. Of theremaining 2,57,900 shares reserved for allotment on a preferential basis to employees. Balance 49,00,100 shares 12,89,700 shares wereallotted to retain oversubscription.
- 5,16,000 shares to promoters;38,700 to employees; 75,50,000 public and all were taken up.6,60,000 No. of equity shares of Rs 10 each allotted to promoters, their friends and relatives.
- 79,38,000 No. of equity shares were issued through a prospectus in September 1992 of which 27,80,000 shares were allotted on a firm basis to promoters, directors, etc. Of the remaining 2,57,900 shares reserved for allotment on a preferential basis to employees.
- Balance 49,00,100 shares 12,89,700 shares were allotted to retain oversubscription.
- 5,16,000 shares to promoters;38,700 to employees; 75,50,000 public and all were taken up.
1994-
- The company by name Nivee Industries Ltd. was amalgamated with thecompany as per order received from the High Court of A.P. on 23rdSeptember.
- The Company has a distillery unit namely Paramount Distilleries,Hyderabad with a capacity to manufacture 24 lakh number of cases per annum and a steel unit in Nellore with a capacity to produce 48,000tpa of steel.
- As per the scheme of amalgamation Nivee were allotted 4 No. of equity shares of the company for every 3 equity shares held by them.
- The Company was invested to become one of the partners by the state Govt. of Tamil Nadu along with SPIC group in developing an infrastructure their park called Madras Industrial Park Ltd.
- The Company installed a metal printing unit for printing on aluminium sheets at Pondicherry for ultimate conversion to roll on pilfer proof caps to cater to the requirement of the liquor industry.
- The name of the Company was changed to Balaji Industrial Corporation in view of the deverse business interests undertaken by the Company.
- 120,00,000 No. of equity shares of Rs 10 each allotted per share of amalgamation.
- 20,00,000 shares allotted to promoters on private placement basis.
1995-
- The Company acquired the bulk carrier of 35804 DWT namely M.V.Balaji Diplowat.
- The Company proposed to import a secured land plant and machinery for manufacture of steel wires rods.
- With a view to expansion and production of value added productshe company acquired the re-rolling mill owned by Krishnaveni EnterprisesPvt. Ltd., Nellore.
The installed capacity of 49,500 tonnes of tursteel and steel sections were to be increased in a phased manner to 34,650 tonnes and 44,500 tonnes during the first year and 3rd year respectively.
The Company has closed down its shipping division by selling its Ship `Balaji Diplomat` in the year 2000. In February, 2000, Balaji Industrial Corporation becomes Sick Industrial Company under SICA.
