Flexituff Ventures International Ltd Share Price

History of Flexituff Ventures International Ltd

Flexituff Ventures International Limited was originally constituted as a partnership firm under the Indian Partnership Act, 1932 on January 22, 1966 under the name and style of Saurabh Potteries & Ceramics at Indore. With effect from March 1, 1993, the name of the partnership was changed to Naviska Packaging and a Fresh Partnership Deed was executed. Thereafter, Naviska Packaging converted into a Private Limited Company, Naviska Packaging Private Limited, on April 8, 1993. The Company name was changed to Giltpac International India Private Limited w.e.f. June 29, 2001. The name of Company was again changed to Naviska Packaging Private Limited w.e.f. January 01, 2003. The Company was converted into a Public Limited Company and the name was changed to Flexituff International Limited w.e.f. A ...pril 25, 2003. Further, the name of the Company was changed from 'Flexituff International Limited' to 'Flexituff Ventures International Limited' on 11 October, 2018. The Company is engaged in the business of technical textiles products i.e. FIBC, Geo Textile, BOPP etc. The manufacturing units of the Company are located at Pithampur in Madhya Pradesh and at Kashipur in Uttarakhand. It is a 100% vertically integrated company that serves the demand for technical textiles, construction textiles, packaging textiles, transport textiles, industrial textiles and agrotextiles among others. The company manufactures Flexible Intermediate Bulk Container (FIBC), geotextiles, reverse printed BOPP (Biaxially Oriented Polypropylene) woven bags and NPC drippers. The company has total 4 manufacturing facilities in India. The company has a recycling and reprocessing plant at Kandla which is used for recovering polypropylene and making various compounds of plastics. The company also has a Research and Development centre at Kashipur which is engaged in the research and development of various compounds for plastic products including engineering plastic, bio-degradable plastic and other new product developments. The company is a major exporter of FIBC and woven products from India and have been receiving the Top Exporter Award from the PLEXCONCIL, Ministry of Commerce from 2005-06 to 2008-09 every year. They export to around 30 countries across the globe and are present in 4 continents with major thrust of exports being to USA and Europe. During the year 1993-94, the company commenced manufacture of HDPE / PP woven sacks. They set up the Domestic Tariff Area (DTA) unit with a capacity of 1,380 MTPA. During the year 2002-03, the company expanded the manufacturing capacity at DTA unit to 2,700 MTPA. During the year 2003-04, they commenced production at Special Economic Zone (SEZ) unit with a capacity of 7,800 MTPA. During the year 2004-05, the company expanded the manufacturing capacity at the DTA unit to 5,200 MTPA. Also, they received BRC certifications for food grade packing. During the year 2005-06, they received AIB certifications for food grade packing. During the year 2007-08, the company expanded the manufacturing capacity to 23,000 MTPA at SEZ and DTA units collectively. They incorporated a wholly owned subsidiary, Eco Polymers Limited in Bangladesh, from which the company disassociated in September 2010. During the year 2008-09, the company incorporated a wholly owned subsidiary Flexiglobal Holdings Ltd in Cyprus to carry on the business of a holding and an investment company. Also, they acquired a majority stake in Satguru Polyfab Pvt Ltd, which is engaged in the business of manufacturing, process, produce etc. or deal in reprocess of plastic waste to use in polypropylene, polyethylene, PVC products, etc. During the year 2009-10, the company established a new plant having production capacity of 16,000 MTPA at Kashipur, Uttarakhand. In October 7, 2009, Flexiglobal Holdings Ltd, Cyprus made investment on Lakshmi Incorporated and thus, Lakshmi Incorporated became a step down subsidiary of the company. In December 1, 2009, the company's subsidiary, Flexiglobal Holdings Ltd, Cyprus acquired 100% holding in Flexiglobal (UK) Ltd and thus Flexiglobal UK became a step down subsidiary of the company. In December 15, 2009, the company incorporated wholly owned subsidiary Nanofil Technologies Pvt Ltd in Kashipur, Uttarakhand, which is engaged in the business of carrying on research and development by using various technologies namely Nanotechnology, Chemical technology, Biochemical Technology & Polymer Technology to use in polypropylene, polyethylene, PVC products, etc. In Oct'11, the Company came up with a Public Issue of 6,750,000 Equity Shares comprising a Fresh Issue of 4,500,000 Equity Shares and an Offer for Sale of 2,250,000 Equity Shares. During the year ended 31 March 2017, Flexituff Sailendra Kalita LLP, Ujjivan LUIT LLP, Budheswar Das Flexituff International Limited JV, Sanyug Enterprises Flexituff International Limited JV, Vishnu Construction Flexituff International Limited JV and Mayur Kartick Barooah Flexituff International Limited became Joint Ventures of Flexituff International Limited. The Board of Directors of Flexituff International at its meeting held on 24 July 2017 approved separation of its FIBC business (Pithampur) into a wholly owned subsidiary company through process of slump sale of FIBC division (Pithampur) of the company including assets, liabilities/ obligations of whatsoever nature & employees which are specific to the FIBC division (Pithampur) on a going concern basis to a wholly owned subsidiary company. The company deals in major products i.e. FIBC & Technical textile/Geo Textile. The separation of two product businesses in 2 separate companies will result into unlocking of value of business & raising growth capital. Flexituff FIBC Limited was incorporated as a new wholly owned subsidiary in 2017-18.