Keerthi Industries Ltd share Price

Keerthi Industries Ltd engages in the production and sale of cement and clinker in India. The company operates a cement plant with an installed capacity of around 297,000 tonnes pa at its plant located at Mellacharuvu village & Mandal, Nalgonda District, State Andhra Pradesh. The company mainly manufactures Ordinary Portland Cement (OPC), Portland Pozzolona Cement (PPC) varieties with a product-mix of OPC: PPC of 95:5. They market their products under the brand name `Suvarna Cement` with markets mainly in Andhra Pradesh. They also sell some meager quantity to Tamilnadu and Karnataka. Keerthi Industries Ltd was incorporated on May 17, 1982 at Hyderabad with the name Suvarna Cements Ltd. The company was established by V C Brahamanna along with his associates. In the year 1986, they set up a manufacturing unit with an initial capacity of 66,000 TPA. In June 1986, they started commercial production. The company suffered losses in the initial years and was referred to BIFR during the year 1990. As per the suggestion in the rehabilitation package sanctioned by BIFR, the installed capacity was increased to 99,000 TPA and the management of the company had been taken over by the existing management. In March 18, 1999, Hyderabad Bottling Company Ltd, along with the promoter directors J S Krishna Murthy, J S Rao, J V Choudaru and J Triveni entered into an agreement with Brahmanna and associates and acquired the stake of the company. In the year 2003, the capacity was further increased to 297,000 tonnes per annum (900 tpd). During the year 2003-04, the company received an award `Best Turnaround/ Revival of a Sick Industry` from the Federation of Andhra Pradesh Chambers of Commerce & Industry. In November 23, 2005, the name of the company was changed from Suvarna Cements Ltd to Keerthi Industries Ltd. During the year 2006-07, the company purchased 126 acres of land for the use of the proposed sugar project and Government of Karnataka. During the year 2007-08, the company commenced generation of 1.50 MW wind power in Karnataka. Also, they entered into a power purchase agreement with Karnataka State Electricity board at an average rate of around Rs.3.40 per unit. During the year 2008-09, Hyderabad Flextech Ltd merged with the company with effect from April 1, 2007 through the scheme of arrangement. The company is increasing the production capacity from 297,000 tpa to 528,000 tpa at a total cost of Rs.102.16 crore financed through a debt of Rs.68.10 crore. The company expects to complete construction and commence production by October 2010. The company is also looking to set up a one million tonne capacity unit in the existing premises itself.