The Comp. was incorporated on 18th August, 1984 as a private limited Comp. & named Lalit Magnetics & Electronics Pvt limited It was promoted by Mr.& Mrs. Shamsunder Chabria to set up a unit for manufacture of audio magnetic heads. A plot of land was acquired for this purpose at Electronic zone in Bhosary, Pune. Foreign collaboration was tied up with Woelka of Germany. Term loans were sanctioned by SICOM. The expenditure incurred on the project was approximately Rs 2.5 lacs for purchase of land & preoperative expenses. However, the item was put in Open General License list by government in 1986 as a result of which the project became financially unvaible, hence the project was shelved. Subsequently, the promoters decided to set up a unit for manufacture of GRP pipes, tanks & silos in 1987. A letter of intent for manufacture of same was obtained in 1987. A memorandum of understanding for manufacture of GRP pipes, tanks & silos was entered into with M/s Vetroresina S.P.A. of Italy in 1987 & formal foreign collaboration signed with them in 1989.
The project was appraised by SICOM. The project implementation began in October 1989 & the main plant and machinery were erected by technicians of Vetroresina S.p.A. in June 1991 & trial production is in progress [Commercial production has since then begun from April, 1992s].
The Comp. is now going in for a public issue to meet the cost of expansion project which involves addition in the length of factory shed, purchase of additional moulds, mandrels, material handling & balancing equipment, etc.
The Comp. has been promoted by Shri S J Chabria, Shri S S Chabria & Smt. L.S. Chabria in technical & financial collaboration with Vetroresina S.P.A. of Italy.