1976 - The company was incorporated in December at Chandigarh. The
company was promoted in joint sector by Punjab state Industrial
Development Corporation Ltd. (PSIDC) and Oswal Woollen Mills
Ltd. The main objective of the company is to manufacture of
cotton carded yarn, hosiery yarn, and acrylic yarn.
1981 - Allotted 4,99,930 shares to PSIDC and 5,00,000 shares to Oswal
Woollen Mills, Ltd. (OWM). 3,70,000 shares and 3,30,000 shares
reserved and allotted to PSIDC and OWM respectively. 13,00,000
shares offered at par to the public in Sept/Oct.
1983 - The Company envisaged a new project of 11,040 spindles within
the existing premises of these spindles were already installed
during the year.
1987 - The Company made requisite applications for a letter of intent
seeking for a capacity of 13,744 spindles for manufacture of
yarn from man-made fibres. The letter of intent was received.
- Work on implementation of first phase of 7,680 spindles was
taken up work on 2nd phase of balance 4,800 spindles was taken
1988 - Allotted 50,00,000 shares at par and 2,61,538 shares (prem.
Rs. 3 per share) to financial institutions in 1986-87 (loan
1989 - The Company took in hand the execution work of 9,600 spindles.
Simultaneously, modernisation work of the unit was also taken
up to produce high quality cotton and polyester cotton yarns
mainly for exports and/or supplies to manufacturers of garments
- In July dyeing complex was commissioned. The Company received
another letter of intent for a capacity of 25,000 spindles
to manufacture cotton yarn.
- During April/May 13,24,615 rights shares offered (prop. 2:5: prem
Rs. 30 per share). Additional 1,98,692 shares allotted to retain
oversubscription. 66,231 shares (prem. Rs. 30 per share)
allotted to employees.
1990 - The Company completed installation of 9,600 spindles at the
- During the Company privately placed with financial institutions
14% Secured non-convertible debentures of Rs. 350 lakhs on the
- (i) debentures worth Rs. 150 lakhs with LIC;
- (ii) debentures worth Rs. 100 lakhs with UTI;
- (iii) debentures worth Rs. 50 lakhs with GIC and its
- (iv) debentures worth Rs. 50 lakhs with Army Group Insurance.
1992 - Another project of 9,600 spindles with a total capital outlay
was taken in hand.
1993 - Further addition of modern and sophisticated machinery resulted
in higher production for value added yarns.
- The Company undertook the project of 24,192 spindles to
manufacture cotton yarn with an total outlay.
1995 - The Company took in hand implementation of 100% EOU for
manufacturing of cotton yarn with a complement of 25,200
spindles at project.
1996 - During 13,104 spindles were installed and commercial production
was started. Balance 12,096 spindles were installed in