SRM Energy Ltd

Incorporated on 3 September, 1985, SRM Energy Limited was initially incorporated on September 3, 1985 as Hitkari Fibres Limited. With due approval from the Registrar of Companies, the Company changed its name to SRM Energy Limited on account of merger effective on January 9, 2009. The Company presently engages in setting up Thermal power project and is a subsidiary of Spice Energy Private Limited. The company undertook a project to set up a plant at Mahad (Raigad District), Maharashtra, with an installed capacity of 1500 tpa for the manufacture of speciality non-woven fabrics such as blankets, carpets, upholstery, floor coverings, automative carpets, etc. The preparatory plant for non-woven fabrics was imported from Hergeth Hollingsworth, West Germany. Pre-needle loom, needle looms and structured needle looms were acquired from Oskar Dilo, West Germany. Commercial production commenced in December 1988. In 1989-90, a MOU was signed, with a reputed textile manufacturing company having a large distributor dealer network, to market the company's products. The Automotive carpets are being supplied to leading automobile manufacturers such as Maruti Udyog Ltd,General Motors (India) Ltd,Premium Automobiles, TELCO,for use in their vehicles. It has set up molding carpet facility at its factory in Mahad. It has already received confirmed orders for molded car carpets from Maruti Udyog and General Motors India. It has also entered into a MoU with a leading European manufacturer and supplier of moulded carpets to automobile industry. The Company installed a dyeing plant, Spectrophotometer and Lab dyeing for inhouse development of shades during 2005. During period 2008-09, SRM Energy Pvt. Ltd. (SRM) got amalgamated with the Company effective from 1st April, 2007. In terms of the Merger Scheme, Company allotted 6,000,000 Equity Shares of Rs 10/- each, credited as fully paid up to the shareholders of SRM Energy Pvt. Ltd. on January 12,2009 in the ratio of 2 Equity Shares of Rs. 10/- each, credited fully paid up in the Company for every 1 Equity Shares of Rs. 10/-each held in SRM. Accordingly, the Company was renamed 'SRM Energy Limited' on account of merger. During FY 2012-13, the 'Cuddalore Power Division' was hived off to SRM Energy Tamilnadu Private Limited (SETPL), a wholly owned subsidiary of the Company, through the Scheme of Arrangement made effective from April 01, 2012. As per the said Scheme, the net consideration was satisfied by SETPL to the Company by allotment of 13,10,000 equity shares of 10 each, credited as fully paid up to the Company and payment of the balance amount of 27,151/- on October 18, 2013.