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PANYAM CEMENTS AND MINERAL INDUSTRIES LIMITED (the ‘Company) promoted by Padmasri Somappa and others has been incorporated under the Companies Act, VII of 1913 as a Limited Company with the Registrar of Companies, Andhra on 23rd June, 1955 with a vision to manufacture cement and be a part of infrastructural development of the State and the new independent India then. The cement plant has been set-up in most back-ward region of Rayalaseema located at Kurnool district and provided humongous employment opportunities in and around the District. Initially one kiln with a capacity of 200 Tonnes per Day (TPD) was installed and later on the capacities were augmented by addition of two more kilns with a capacity of 300 TPD and 600 TPD respectively. Over the years, the wet process kilns were converted into dry process and the capacities were increased to a level of 2200 TPD by running three kilns and thereby emerged as one of the largest cement manufacturing unit in the country. In 1988 the company became sick and the management of the company was taken over by late M.V. Subba Rao and Associates and they took various initiatives to improve the profitability of the company which has yielded results wiping out the accumulated losses and the company reported excellent performance in the year 1996-97 and 1997-98. However, the Cement Industry went through severe crisis in 1999 consequent to the liberalization policy announced by the Government of India. In addition, due to paucity of working capital finance, the Cement Unit could not run continuously to its capacity due to various reasons. Considering the worst situation prevailing in Panyam Cements as the workmen were striving hard for their livelihood, Sri S.P.Y.Reddy, B.E.(Mech) & Member of Parliament, who is a seasoned and successful technocrat having proven track record of more than 30 years as Chairman of Nandi Group of Companies had taken over the management of the company during September 2004 and is being assisted by Sri S. Sreedhar Reddy, an Engineering Graduate in Electronics and Telecommunications as Managing Director & CEO of the Company and invested amount for restarting the operations of the company. Immediately after takeover they has settled the dues of Financial Institutions//Banks and also settled the dues of the workmen by implementing VRS. However, they could not run the cement plant at complete capacity thereby resulted in reduced turnover and profitability in the business. Further, the outbreak of novel Covid-19 virus has severely impacted the Company business operations and the Company was pushed to a situation where it could not meet its expenses. The company gone through Corporate Insolvency Resolution Process (CIRP) under Insolvency and Bankruptcy Code (IBC), 2016 and Dr. Srinisha Jagathrakshakan along with M/s. RV Consulting Services Private Limited and M/s. Sagar Power Limited became new promoters, thereby induced capital flow and revived the company. The cement plant has been completely refurbished, begun its production, marketing its cement in and around Andhra Pradesh, which is expected to be spread all over South India in coming days.
Ever since the 1st bag of cement rolled out in 1957, the Company's Brand Name and its Producer stood for Strength,Quality&Reputataion. Panyam Cement established it's name by letting its hands in shaping number of Projects viz. Srisailam Project, Nagarjuna Sagar Dam(A.P), Koyana Project, Jayakawadi Project (Maharashtra), Almatti Dam ,Upper Krishna Project, Malaprabha Dam (Karnataka). Apart from irrigation & Power Projects , Panyam Cements is also being used in large scale for construction of multi-storied buildings, Concrete Roads and many housing colonies & Township. During 1970s, the Railway Ministry asked some Cement Companies to take part in supply of quality cement to manufacture Concrete Sleepers.(This view was taken by the then Central Government to Protect forest environment imbalances as hitherto, sleepers were made from forest food). Panyam Cement is one amongst them. Subsequently, Panyam Cements became the first Company in India to supply cement tp N.F. Railway where Panyam Cement has been used successfully to manufacture Concrete Sleepers under the strict supervisor of Railways. In the era of 1960s,1970s & 1980s Panyam Cement war market leader all over South India, Maharashtra & Goa. But subsequently establishment of more & more Cement Plants, the Company's market is restricted to Rayalaseema of A.P, North & East Interior Karnataka, and some Northern parts of Tamil Nadu & Kerala.