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Bhilwara Spinners Ltd. Company History and Annual Growth Details


Bhilwara Spinners Ltd., a closely held Company belonging to the BHILWARA GROUP with controlling interest vested in Rajasthan Spinning & Weaving Mills Ltd., and Bharat Investments Growth Ltd was originally incorporated under the name of Bhilwara Texturisers Pvt Ltd. on 7th June 1980 and the Company's name was changed to Bhilwara Pvt. Ltd. on 17th December 1981. The name was further changed to Bhilwara Spinners Pvt. Ltd vide fresh certificate of Incorporation dated 4th February 1983 which was subsequently changed into public limited company under the name of Bhilwara Spinners Ltd vide fresh certificate of Incorporation dated 11th February 1983 issued by the Register of the companies, Delhi & Haryana, New Delhi.

The Company's is engaged in the manufacture of cotton yarn, mercerised cotton yarn, synthetic blended yarn, hosiery yarn, and sewing threads in cotton and synthectics with an installed capacity of 29,536 spindles and 672 Rotors at its plant located at Bhilwara, Rajasthan.

Pursuant to an agreement dated 25th March 1983 executed between Rajasthan Spinning and Weaving Mills (Holding Company) and Bhilwara Spinners Ltd (Subsidiary Company), the Bhilwara unit of the holding company (which was being run as a seperate division of the holding company) was transferred to the subsidiary company for a consideration of Rs.222 lakhs to be discharged by.
a) Issue of 9,90,000 equity shares of Rs.10 each as fully paid up aggregating Rs.99.00 lacs for consideration other than cash to the holding company, and
b) Payment of the balance amount of Rs.123.00 lacs to the holding company as may be mutually agreed upon with the prior approval of the IFCI without carrying any interest.

Subsequent Bhilwara Spinners Ltd approached HEG Ltd (formerly known as Hindustan Electro-graphites Ltd to take on lease and to run, operate and work the Bhilwara unit for a temporary period of 5 yeras effective from 1st November 1984 in terms of the Lease Agreement dated 23rd January, 1985 and supplementary Agreement dated 29th March 1985 executed between Bhilwara Spinners Ltd, HEG Ltd and Rajasthan Spinning & Weaving Mills Ltd on Payment of total lease rent of Rs.5.25 crores by HEG Ltd to Bhilwara Spinners Ltd over the lease period of 5 years.

After the expiry of the lease period in March 1989 the company continued to work as a subsidiary of Rajasthan Spinning & Weaving Mills Ltd. Thereafter during the year 1990-91, Bhilwara Spinners Ltd ceased to be a subsidiary of Rajasthan Spinning & Weaving Mills Ltd following the off loading of shares held by Rajasthan Spinning & Weaving Mills Ltd. and became an independent company.


2004

-Bhilwara Spinners Ltd has informed that the Stock Exchange Ahmedabad has got the equity shares of the company have been delisted from the exchange wef January 21, 2004.

-Bhilwara Spinners Ltd has informed that the equity shares of the company have been delisted from the Jaipur Stock Exchange Ltd wef May 15, 2004.

2005

-Bhilwara Spinners enters into an agreement for sale of surplus land

2007

-Bhilwara Spinners Ltd has informed that Mr. R N Gupta, whose term as Managing Director expires on March 31, 2007, has been re-appointed as Managing Director for three years from April 01, 2007.

 
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