|Prakash Industries (PIL) was incorporated on 31 Jul.`80 as Prakash Pipes and Industries. The company was previously known as PIL Ltd and after that the name was changed to Prakash Industries Ltd.
PIL came out with a public issue in Nov.`91 to part-finance the sponge iron project being set up at Champa, Madhya Pradesh, with an installed capacity of 1.5 lac tpa. The company manufactures PVC pipes, B&W TV picture tubes and video tapes and cassettes. PIL has technical collaboration with Lurgi, Germany, for the sponge iron project. The plants are located in Uttar Pradesh, Madhya Pradesh (two), Punjab and Orissa.
In 1994-95, the company doubled the capacity of the sponge iron plant from 1.50 lac tpa to 3.30 lac tpa and also undertook a forward integration project to set up a stainless steel plant in Gujarat together with a rolling mill and a worsted woollen yarn EOU at Silvassa.
The company also took up the expansion of the iron-ore mining and crushing capacity. It came out with a rights issue in Jan.`96 to part-finance the above expansion-cum-diversification project. The company successfully commissioned the stainless steel project at Bharuch in 1995-96 and has also completed all other expansion and diversification projects.
The video tape division bagged the Elcina certificate of merit for excellent export performance for 1992-93. PIL is also implementing a 10-MW wind-farm project in Tamil Nadu.
The company which was referred to BIFR for rehabilitation package,IFCI has conducted the study and submitted the proposal of rehabilitation package and the company is awaiting for the approval.|