FGP Ltd

FGP Limited, formerly known Fibre Glass Pilkington Limited was incorporated on June 27, 1962. Promoted by Fibreglass, UK, and Bombay Company Pvt Ltd., the Company changed the name to 'FGP Limited' on 15 April, 1982 after a public issue resulting in the dilution of the foreign collaborator's stake, making it a non-FERA company. The name of Fibreglass, UK, was also changed to FGP Holdings, subsequent to the disinvestment of Pilkington, UK, the Ultimate Holding Company. The Company is engaged in the business of Business Centre and letting out of property. The Company installed and commissioned plants for manufacturing Rigid Preformed Sections for pipe insulation, treatment of effluents and recycling of waste fibre. Thereafter, it expanded capacity installed by acquiring the glass division of CEAT on 29 Jun.'93. The company came out with a rights issue in Aug.'95 to solve its liquidity crunch and finance its modernisation projects. Its Hyderabad plant is the only unit in the Indian fibreglass industry enjoying ISO 9001 Certification. Company has privately placed long term Non Convertible Debenture with Institution/mutual Fund to the tune of Rs.7.50 Crores to augument the ongoing operations of the Company. During the year 2000-2001 the company started running its Business Centre business and it had developed the Business Centre in two phases. During the year 2008-09, the Company sold all of the shares held by it in RPG Itochu Finance Limited and it ceased to be a subsidiary of the Company. The business centre activity didn't picked up in India, which affected the operations of the Company in 2011-12. The demand for Business Centre did not revive during the FY 2016-17. Demand for commercial space was not as high as that of residential and retail space during the year. In 2019, there was a limitation for expansion of the office space by the corporate in this area, as large number of corporates preferred to shift their base to suburbs where there was a greater scope to have a larger area. This trend adversely impacted the Company's business to maintain their establishments in the Fort Area, Mumbai.