Skyline Millars Ltd Share Price

(505650)

Skyline Millars Ltd (SML) is engaged in the manufacturing of construction equipment and electric overhead traveling (EOT) cranes. It was incorporated as The ACME Manufacturing Company Ltd in November 1919, with its name changing to Millars India Ltd in 2002 and later to Skyline Millars Ltd in 2007. The company is based in Ghatkopar West, Mumbai and was founded by the Walchand Group. Ashok Patel, son of J.V. Patel, acquired shares from Walchand in 1972, and went on to acquire two additional companies in 1969 and 1970 - Khandelwal Udyog Ltd. for manufacturer of EOT Cranes and Millars Timber and Trading Company. The company was declared a Sick Industrial Undertaking by the Board for Industrial and Financial Reconstruction (BIFR) in 1996, based on its operating losses from 199596 due to the recession in the capital goods industry and high labour cost at Ghatkopar Mumbai. Skyline Millars Ltd underwent significant rehabilitation measures such as the shift in manufacturing activities from Ghatkopar to Karamsad, Gujarat in 2003 and a joint development agreement for its Ghatkopar property in 2004. As a result, it has managed to become profitable once more and SML is no longer a Sick Company as of October 2006.

Chairperson Name: Vinod N Joshi