GOLKONDA ALUMINIUM EXTRUSIONS LIMITED originally incorporated on 22nd August, 1988 under the name of Progressive Aluminium Limited, with an annual capacity to produce 3125 m.t. of extrusions and went into production in 1991. During the year 1993 the company was taken over by Pennar Group of Hyderabad and its name changed to Pennar Profiles Limited. Under the new management, a second extrusion press of 2875 m.t. capacity per annum was added in 1995.
During the Year 2005, German company namely O&S Metallimport GmbH (OSM) (of Alumeco Group, Denmark) along with an industrial fund for Developing cuntries (IFU), Denmark took over the company and the Management. With its help, the Company started and went into export of extrusions in a big way and achieved two star export house status. The name of the company was changed to Alumeco India Extrusion Limited (AIEL). Thereafter, in 2015, the name of the company was further changed to GOLKONDA ALUMINIUM EXTRUSIONS LIMITED.
In the year 2007, the capacity of the two presses was raised to 8500 m.t. per annum through debottlenecking and technology up-gradation.
The Company was incurring operating losses for the last several years and was declared as a sick industrial company by the Board for Industrial and Financial Reconstruction (BIFR) during the year 2009-10. Further, the Company was facing various problems like liquidity crunch, labour problems, power cuts, poor order book position due to economic slowdown, credit crunch etc. and M/s Alumeco A/s (Denmark) had also taken a commercial decision to stop further supplying material on credit to the Company. Under the said situation, the production at the Company was stopped in July 2013.
The Company entered into an Asset Purchase Agreement with Sagar Asia Private Limited for the sale of substantially the whole of assets of the Company on 26th May, 2016.
In the above background and keeping in view the bleak outlook for the Company, M/s OSI India Holding A/s (the existing promoters of the Company) had entered into Share Purchase Agreement with Mrs. Utpal Agrawal & Mr. H. P. Agrawal (acquirers) for selling the entire shareholding in the Company and control over the Company in terms of Takeover Regulations.
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