Business Summary
Since the performance of the Company was not encouraging and started making losses from 1985-86 onwards due to sluggish market of cement and also severe competition in Engineering products. In 1988 PANYAM was became sick and the management of the company was taken over by late M.V. Subba Rao and Associates. M.V. Subba Rao and Associates have taken various steps to improve the profitability of the company which has yielded results wiping out the accumulated losses and the company reported excellent performance in the years 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 has taken over the management of the company during September 2004 being assisted by Sri S. Sreedhar Reddy, an Engineering Graduate in Electronics and Telecommunications as Managing Director & CEO of the Company. The present management has invested amount for restarting the operations of the company. Immediately after take over the unit, the new management has settled the dues of Financial Institutions/Banks and also settled the dues of the workmen by implementing VRS. The present management has put in best efforts to revive the unit and put the same back on rails.
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