VMS Industries Rights Issue Details 2024

Vms Industries Limited was incorporated in December 1991 with the objective of providing various types of consulting and information technology services. In the year 1992-1994, the company was engaged in computerization of property tax records of Bhavnagar Municipal Corporation. Thereafter, in the year 1995-96, the company took up the task of computerization of Ration Cards and Ration Shops of Bhavnagar Municipal Corporation.

In the year 1994, the company also acquired a running oxygen plant under the name “Varun Gasses” at Sihor GIDC, Bhavnagar, with an installed capacity of 65 cubic meters per hour. The company was operating at full capacity and supplying the gas produced from this plant to various customers in and around Bhavnagar. The said plant was closed by the company in 1997 as it became unviable due to the decline in the ship recycling industry and technological advancement in this field.

In 2003-04, the ship dismantling industry was revived, so the company decided to diversify its activities. In 2004, the Gujarat Shipping Authority auctioned vacant plots and through an open tender, the company was allotted vacant plot No. 160 in the Alang Sosiya Ship Breaking Yard measuring 1350 square meters on a leasehold basis. However, the company was unable to commence its shipbreaking activities due to a change in policy for ship recycling facilities which require a larger plot (2700 square meters) and therefore could not obtain permission from the GMB to use the land.