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Padmanabh Alloys and Polymers (PAPL) was incorporated on 9 Nov.'94 is promoted by Padmanabh Polymers Pvt Ltd (PPPL) alongwith Sumant C Desai, Vijay Vashi, Bhikhubhai Desai and Ranjitbhai Desai. The promoter company, PPPL is engaged in marketing and manufacturing of filled and re-inforced polymers and masterbatches. Due to infrastructural limitations, PPPL could not go in for a large scale expansion and full commercial exploitation of its products, which led to the promotion of the company (PAPL). The company set up a project to manufacture mineral filled thermoplastic compounds and mineral masterbatches, property modifier mastebatches, colour masterbatches and synthetic paper and bio-degradable compounds at Palsana (Surat district), Gujarat, with an installed capacity of 7800 tpa. Technology is being provided by the promoter company. PAPL came out with a public issue of 33 lac equity shares of Rs 10 each for cash at par, aggregating Rs 330 lac, to part-finance its project.