IAG Company Ltd is recommencing its production. The glass Furnace No.1 of the company's factory at Bhurkunda, Jharkhand which produces Sheet Glass was fired on Nov 20. The company hopes commercial production will start in the 1st week of December. Shares of IAG Company were suspended on Sep 19 at Rs 5.31.
Formerly known as Indo-Asahi Glass, IAG (IAG) was incorporated in 1956 at Calcutta and commenced business from Oct. 01, 1956. It was promoted by Asahi Glass Company, Tokyo, Japan in order to revive a sick unit viz., Sodepore Glass Works, which went into liquidation. The Industrial Finance Corporation of India who had considerable investment in Sodepore, as mortgage, took possession of their assets. The name of the company was changed to the present one in May 2004.
The main objective of the IAG was to manufacture sheet glass, including thinner grades ranging from 1:1 mm thickness, substantially required by the defence and civil health services, ophthalmic lenses and desiliconised zircon products. The product range of the company was later widened to include tinted glass and figured glass of low fragility and exquisite designs of thicknesses of 2 mm and above in thickness. The products are exported to Bangladesh, Srilanka, Mauritius, Yemen and the Philippines, and to the highly competitive markets of Japan, Australia, France, Italy, etc.
I A G Company announced that loss for the quarter ended September 2004 has widened.
Net Sales for the quarter rose 15.93% to Rs 165.20 million for the quarter ended September 2004 from Rs 142.50 million for the quarter ended September 2003.
Total income rose 18.07% to Rs 168.6 million for the quarter ended September 2004, from Rs 142.8 million for the quarter ended September 2003.