|Vardhman Polytex Limited (VPL) (formerly known as Punjab Mohta Polytex Limited) was promoted as a Joint Sector Company by Mohta Industries Limited (MIL) and Punjab State Industrial Development Corporation Limited, (PSIDC), and was incorporated in the name of Punjab Mohta Polytex Limited.
In 1988, Mahavir Spinning Mills Limited (MSML) took over with approval of Board of Industrial and Financial Reconstruction (BIFR) a mini steel plant by the name of Mohta Alloys and Steel Works at Ludhiana belonging to Mohta Industries Limited, a sick Company under Section 15(1) of
Mohta Industries Limited (MIL) had also promoted M/s.Punjab Mohta Polytex Limited (PMPL). Consequent to the take over of MIL by MSML the shareholding of MIL in PMPL passed on to MSML. The shareholding of PSIDC in PMPL was also acquired by MSML in discharge of its obligations
under the Joint Sector Agreement entered into by MIL with PSIDC. As a result of this acquisition, PMPL (since renamed as Vardhman Polytex Limited) became a subsidiary of MSML with effect from June, 1989.
The Spinning Unit at Bathinda started commercial production in December, 1984 with an installed capacity of 9504 spindles and 504 rotors. In that year, the Company achieved sales of Rs 153 lacs and earned profit before depreciation, interest and tax (PBDIT) of Rs. 52 lacs. In the year 1985-86, the Company was able to increase its sales to
Rs.581 lacs and earned PBDIT of Rs. 93 lacs.
After becoming a member Company of Vardhman Group in 1988-89, the Company achieved a turnover of Rs. 1642 lacs and earned PBDIT of Rs. 410 lacs. The new management reviewed the project and enhanced the capacity with additions of 12060 spindles thereby increasing the capacity
of the spinning unit at Bathinda to 22464 spindles. The expansion was completed during 1980-90. With the implementation of the scheme, the Company's sales in the year 1889-90 increased from Rs. 1642 lacs in 1988-89 to Rs.2154 lacs and earned PBDIT of Rs. 697 lacs in the year
1989-90 as compared to Rs. 410 lacs in the year 1988-89.
VPL, in 1990-91, added a new Worsted Spinning Unit at Ludhiana with a capacity of 4800 spindles to manufacture worsted yarn of various counts from acrylic and acrylic/wool blends. The capacity of the plant now stands increased to 8000 spindles.
The Company is presently implementing a new Spinning Unit at Baddi, Distt. Nalagarh in Himachal Pradesh with a total installed capacity of 39120 spindles at an estimated project cost of Rs.6825 lacs. The Company commissioned this unit with partial capacity in September, 1993 and till October, 1994 a total of 16416 spindles have been installed
and commissioned and the entire scheme is expected to be completed by June, 1995.
With the commencement of commercial production by the new spinning unit, the sales of the Company increased to Rs.6315 lacs in 1993-94 against Rs. 5252 lacs in the year 1992-93. PBDIT has also increased to Rs. 1507 lacs in 1993-94 against Rs. 890 lacs in the financial year 1992-93.
PRESENT BUSINESS OF THE COMPANY
The Company is presently engaged in manufacture of coarse, medium and fine counts of 100% cotton yarn, 100% acrylic yarn, acrylic/cotton yarn, polyester/ cotton yarn and tyre cord yarns. The Company has at present three units located at Bathinda and Ludhiana in Punjab and at Baddi in Himachal Pradesh. The unit wise details of existing manufacturing
facilities (as on 31.3.1994) of the Company are as under;
Sl. Particulars Location Capacity Product
1. Spinning unit Bathinda, 29600 spindles Cotton and
Punjab 504 Rotors blended yarns
2. Worsted Ludhiana, 8000 spindles Acrylic /
Spinning Unit Punjab worsted
3. Spinning unit Baddi. H.P 9504 spindles Cotton and
2002-Vardhman Polytex Ltd has informed BSE that the Board of Directors in its meeting held on August 11, 2001 had forfeited 65263 equity shares due to non-payment of allotment money.After forfeiture of shares, the company had received many requests from the shareholders for annulment of forfeiture, as they were willing to pay the balance allotment money. Taking into consideration of shareholders' requests, the Board of Directors in its meeting held on July 30, 2002 has annuled the forfeiture of shares.
-Vardhman Polytex Limited has informed that the BoD's in its meeting held on July 20, 2004 has appointed Mr. Ashok Oswal as Chairman of the Company
-Vardhman Polytex Ltd has entered into a Memorandum of Understanding (MOU) with M/s F M Hammerle., Austria for participation of equity as equity partner in new joint venture company to be incorporated for the purpose of textile business.
-Vardhman Polytex Ltd has recommended the dividend of 42%.
-Memorandum of Understanding (MOU) was signed between Govt. of Maharashtra and Oswal F M Hammerle Textiles Ltd, Subsidiary Company of the Company.
-Vardhman Polytex Ltd has recommended the dividend of 20%
-Sh Sushil Sharma has been appointed as a Company Secretary as well as Compliance Officer of the Company.
-The Board of Directors has appointed Mr. Amit Jain as an Additional Director on the Board of the Company.
-The Board of Directors has appointed Mr. Ashok Kumar Goyal as additional director as well as executive director of the Company.
-The Board of Directors has appointed Mrs. Rakhi Oswal as Additional Director of the Company.
-Vardhman Polytex Ltd Registered Office Address has been redefined to Vardhman Park, Chandigarh Road, Ludhiana -141123
-Registered Office Address of Company has been redefined 'Vardhman Park, Chandigarh Road, Ludhiana- 141123'.