Ganesh Benzoplast Ltd

About the Company :

Ganesh Benzoplast Ltd is a listed company based in Mumbai was incorporated in 1986, is currently having two business units i.e. (i) Infrastructure Division and (ii) Chemical Division. Earlier it had two other businesses, a Salt Plant in Rajkot, which was damaged during 2001 earth quake and a Ship Operation and Management Contract with ONGC of its vessels, which was arbitrarily got terminated. Because of the loss of two business units, resulting in squeezed liquidity position and subsequent weak performance in other business, it had to undergo a restructuring of its debt in 2008.

With the restructuring of debt leading to total erosion of net worth, it filed reference before BIFR in 2009. BIFR declared GBL as a sick industrial company on 6th May’2010 and appointed IDBI as operating agency  OA), to formulate the Draft Rehabilitation Scheme (DRS) for revival of the company. The DRS was approved on 8th Jan 2016 by BIFR. Currently the BIFR is under implementation and the company is planning to exit the scheme in FY 17-18 by showing positive net worth.