Incorporated as a private limited company in Oct.'89 and subsequently converted into a public limited company in Jan.'95, Sai Wires India was promoted by S Ram Mohan. Since incorporation, it was not in operation. It was carrying out the preliminary works like identifying the collaborators and study of the proposed project to manufacture special coated wires. Later on, one of the subscriber, S Ram Mohan, acquired the company in Nov.'94 and started the activities. The company is setting up a project to manufacture 3000 tpa of copper coated and carbondioxide weling wires on the latest electrolysis process at Warangal, Andhra Pradesh. The project was part financed through a public issue of 33,50,000 equity shares of Rs 10 for cash at par aggregating Rs 335 lac, made by the company in Feb.'96. a