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YEAR EVENTS 1960 - The Company was incorporated on 17th October, at Calcutta. The main objective of the company is to manufacture cotton yarn and cloth, staple and viscose yarn and polyester blended yarn. 1961 - Issued 45,000 No. of equity shares to directors, etc. and 4,000 Pref. and 20,000 No. of equity shares to Rajasthan Govt. 20,000 Pref. and 1,75,000 No. of equity shares offered to public to October.
1980 - The company received a letter of intent for the manufacture of polyester sewing thread with an annual capacity of 120 tonnes. Collaboration agreement was entered into with Zwicky & Co., Switzerland. 92,500 equity shares allotted at par to financial institutions on conversion of loans. 1981 - 7,62,398 bonus equity shares issued in prop. 1:3. 1986 - The Company received registration for a sponge iron project. Letters of intent were received for the setting up of; i) a 12,000 spindles worsted spinning project and - (ii) process house for processing 240 lakh metres of suitings, shirtings, sarees and dress material.
The company was planning to complete expansion plans by adding 9,360 spindles at Melange unit for manufacturing fancy dyed cotton yarn and 8 Airjet looms at Gulabpura to take care of increased requirement of fabric exports. The company also plans to add some two-for-one twisters at Banswara unit to increase the doubling capacity.
The Company`s strategy of high value added product diversification, it has entered into a 50:50 Joint Venture tie-up with Australia`s leading manufacturer of Automotive Furnishing fabrics - CALUM AUSTRALIA PTY. LTD., to manufacture their product range in India, with a capacity of 1.8 million. mtrs. per annum. It was also proposed to install 16 airjet looms at Gulabpura besides modernisation of spinning division. It was also proposed to implement a balancing scheme and further expansion of polyester cotton spinning at Banswara.
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