Sri Chakra Cements was incorporated on March 10, 1981 and is engaged in the manufacture of cement. Earlier known as Goldstar Cements, it acquired its present name on August 26, 1996.
Located in the Guntur and Vizianagaram districts of Andhra Pradesh, the manufacturing plants developed capacity to produce cement and clinker. As the company was faring poorly, it was registered with the Board for Industrial & Financial Reconstruction (BIFR), which on Jun. 8, 2005 recommended winding up activities. An appeal has been filed with the Appellate Authority for Industrial and Financial Reconstruction (AAIFR) for consideration of setting aside the BIFR order. Simultaneously, settlements with commercial banks have been cleared and one-time settlements with financial institutions are under consideration.
1981 - The company was incorporated on March 10, under the name of Parthasarathy Cements and Industries Limited at Hyderabad in Andhra Pradesh and obtained the Certificate of Commencement of P Thakur Prakash Rao, P Haranath, P Krishna Prasada Rao and their associates. The main activity of the company is manufacture of Cement.
1988 - In March, the company was taken over by N Krishna Mohan and V V S R Anjaneyulu Associates as per approval of IDBI. Subsequently, the name was changed to Goldstar Cements Limited. The company undertook to set up a new dry process mini cement plant with an installed capacity of 66,000 TPA of ordinary Portland cement with the installation of a single stream 200 TPD dry process rotary kiln, with suspension preheater and other auxiliary equipments. The suspension pre-heater dry process technology was selected for manufacture of cement.
1993 - Necessary approvals were obtained from BIFR and other financial institutions to make a rights issue of Rs 600 lakh.
1995 - The company's project for expansion was commissioned on April 21.
1996 - Non-availability of need based working capital adversely affected the operations of the company. The name of the company was changed from Goldstar Cements to Sri Chakra Cements on August 26.