Promoted by Sanjiv Saraf in association with Mahalaxi Trading & Investment Company -- a non-resident corporate body -- Polyplex Corporation currently operates a polyester film plant (cap. : 6000 tpa) at Khatima, Nainital district, UP. The plant was commissioned in 1988 with a capital outlay of about Rs 40 cr. The company's product is biaxially-oriented polyester film, a thermoplastic film used in a range of products including audio, video, computer tapes, flexible packaging, metallised yarn, stamping foils, graphic arts, X-rays, electrical insulations, sun-control films, capacitors and other applications.

With good prospects for the polyester film industry, the company broadened its footprint its capacity 14,830 tpa at a cost of around Rs 70 cr. The capacity expansion was funded by a private placement of shares (in Nov.'94 it made a private placement of shares at a premium of Rs 130) and internal accruals.

Polyplex has imported equipment from leading international suppliers such as Lindauer Dorner, Barmag and Kampf, Germany; Nishimura, Japan; Nucleometre FAG, France; and Extrusion of Dies, US. This, coupled with the technical skills of its operating personnel and emphasis on quality control, has enabled it to produce films which enjoy a premium position not only in India but also in the international market.

The company has broadened its footprint operations into into a Joint Venture Agreement with Global Solar Energy LCC for its PV Project, with the terms & Agreement of both have equal equity position of 50% each, Assets of PV division transferred to goint concern, Funds will met by partners in the sration of proposed shareholding & Global Solar Energy used as an implementing entity. Company corporate office project at an advanced stage.

A forward integration programme for setting up a Metallizer is in the process at a cost of Rs.1000.00 lacs.This has been financed by way of term loan to the extent of Rs.700.00 lacs from IDBI and the balance through internal accruals.An expansion programme of polyester film is in a active stage.This project was earlier planned to be located in UAE but due to social uncertainty in the Middle East the company has decided to relocate the project in Thailand. The total project cost of US $ 30 million,including US $ 6 million towards working capital is proposed to be financed by way of debt to the tune of US $ 20 million and the balance by way of equity /preference shares. The Metalliser project has been delayed and has been scheduled to be in the current financial year ie 2002-03.

Polyplex (Thailand) Public Company Ltd(PTL)-a subsidiary of Polyplex Corporation Ltd-has made IPO of 240 million ordinary shares of Baht 1 each at an making available price of Baht 6.90 per share.The proceeds raised through IPO by the foreign subsidiary,are proposed to be utilized towards repayment of Loans to Financial Institutions.With the making of IPO,the shareholding of the company in PTL has come down to 70%.