| Incorporated as a private limited company in Jun.`86, Atul Auto was converted into a public limited company in Aug.`94. It was promoted by Jayantibhai J Chandra, Atul J Chandra and Mahendra J Patel.
The company set up its plant at Shapar (Rajkot district), Gujarat, with financial assitance from GSFC. Commercial production commenced in Jul.`92. It manufactures diesel three wheelers like 6-seater auto rickshaws, pick-up vans for local transportation of goods and chassis of passenger vehicles. These vehicles are marketed under the Khushbu brand name.
In 1995-96, the company undertook a project to create additional facilities for the expansion of its three wheelers capacity from 1080 to 3680 vehicles pa and also to establish manufacturing facilities for diesel operated motorcycle with a capacity of 3500 vehicles pa at its existing plant at Rajkot. A public issue was made to the extent of Rs.536.25 lacs.
In 1997-98, the company installed its capacity of Motor Bikes FUZI by 3500 Nos. The Automobile Research Association of India has approved vehicle of the company Khushbu RTVG complying with EURO II emission norms during 1999-2000. During 2001-02 Atul Auto ltd has acquired additional 2,20,500 equity shares in M/s Khushbu Auto Finance Pvt Ltd resulting the total holding in such company being the 51% of the equity share capital. Thus Khushbu Auto Finance Pvt Ltd became the subsidiary of the company from 1st April,2002. |