1988 was the year when Pennar Industries Limited was born, and since then, Pennar has grown and diversified to become a leading engineering company making a host of steel bsed products. Pennar began by manufacturing Cold Rolled Steel Strips (CRSS) with an installed capacity of 30,000 MTPA. Its first plant was strategically established at Isnapur, 45 km from Hyderabad.
Pennar achieved profits right from the first year of its operation, followed by declaration of dividend from the second year. The company was growing at a rapid pace and thus to incorporate its expansion and demand, Pennar increased its manufacturing capacity to 50,000 MTPA in the year 1997.
Globalization as we know it revolutionised the way business was conducted. India benefited by liberalization and globalization, and so did Pennar. And thus began a series of acquisitions. The horizon for Pennar was increasing by the moment and to cater to a broader realm of clientele, the company acquired Nagarjuna Steel Ltd., Patancheru (32 KM from Hyderabad) and Press Metal, a unit of Tube Investment (TI), at Tarapur near Mumbai. An assembly unit was set up at Hosur, near Bangalore to meet the requirements of Auto Components. The Company followed up by establishing its fifth manufacturing facility at Chennai that manufactures Profiles and Components for the auto sector and railways. The facility also services a steel service centre at Hyderabad and Chennai.