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Garware Technical Fibres Ltd. Company History and Annual Growth Details

YEAR EVENTS
1976 - The Company was incorporated on 1st April. It was promoted by
Garware Filament Corporation Pvt. Ltd. and Wall Industries Inc.,
U.S.A. Garware Filament Corporation Pvt. Ltd. was established in
1960 and was one of the leading manufacturers of synthetic
Ropes and twines in India. The products are marketed under the
tradename "Garfil".

- In October, the Company entered into two agreements with Wall
Industries Inc., U.S.A.

1977 - Pursuant to an agreement dated September 14th, entered into
between the Company and Garware Filament Corporation Pvt. Ltd.,
the entire Rope and twine manufacturing business including
building, plant and machinery of Garware Filament Corporation
Pvt. Limited was acquired by the Company.

- 1,20,000 shares taken up by Garware Filament Corpn. Pvt. Ltd.,
and its nominees. 1,20,000 shares issued to Wall Industries,
Inc. U.S.A. 3,60,000 shares then issued at par of which 30,000
shares reserved and allotted to directors, etc. and 3,30,000
shares offered to the public during April/May 1978.

1981 - The Company received an industrial licence for expansion of its
capacity from 2,324 tonnes to 4,324 tonnes per annum.

- 3,60,000 bonus equity shares issued in prop. 3:5.

1987 - The Company's licensed capacity was re-endorsed as 5,278 tonnes
per annum.

- The Company received a letter of intent for the manufacture of
polypropylene multifilament yarn to the extent of 2,000 tonnes
per annum. Necessary steps were being taken to implement the
project. A R&D plant for developing indigenous technology for
this was installed.

- 9,60,000 bonus shares issued in May 1988 (pro. 1:1). 7,68,000
rights shares issued in Jan. 1989 (prem. Rs 20 per share; prop.
2:5). Additional 1,15,200 shares allotted to retain
oversubscription. 38,600 shares allotted to employees (prem. Rs
20 per share) under Stock Option.

1989 - The Company received another letter of intent for the manufacture
of polypropylene staple fibre to the extent of 2,000 tonnes per
annum. The manufacturing activities of both polypropylene
multifilament and polypropylene staple fibre were proposed to be
carried out under a newly formed division named "Fibre Division".

- The company issued 2,25,000-14% Secured Redeemable
Non-Convertible debentures of Rs 100 each for cash at par by way
of private placements to SBI Mutual Funds. The debentures are
redeemable at a premium of 5% at the end of the 7th year from
26-9-1989.

1991 - The Company newly formed "Textiles Division" received the
necessary approvals from Government to manufacture terry
towels/fabrics and made-ups to the extent of 4,960 TPA under the
100% export oriented unit scheme.

- The company proposed to set up a capacity of 2000 TPA against
this approval in Phase I at Taloja, near Mumbai in Maharashtra.

1993 - 28,41,800 right equity shares allotted (prem. Rs 50 per share) in
prop. 1:1.

1994 - The company proposed to enable the synthetic cordage
manufacturing capacity from 12,500 tonnes to 20,800 tonnes per
annum.

- By way of diversification and forward integration, the Company
had started manufacturing fish net webbings by utilising its own
twine. The company proposed to increase the facility to 3,600
tonnes per annum.

- The Company entered into a technical collaboration agreement with
Toyo Kogyo Co. Ltd. to Japan for manufacturing fishnet webbing
machines.

- The company was in the process of finalising joint venture with a
Danish company for setting up a 100% EOU for manufacturing
braided twines. The Company also decided to diversify into the
manufacture of heat resistant rubber tension tapes and threads in
technical know-how with Rotunda PLC of U.K.

- 57,04,100 bonus equity shares allotted in prop. 1:1. 20,500 No.
of equity shares allotted (prem. Rs 100 per share) to promoters
and their associates on conversion of debentures.

1995 - 85,48,188 right shares issued (prem. Rs 55 per share) in prop.
3:4 7,962 shares issued to NRIs on repatriation basis.

2000 - Garware Wall Ropes Ltd., has decided to acquire 51 per cent of
the share capital of Subhashish Investments and Trading Co. Pvt.
Ltd., a software company. After acquisition, Subhashish
Investments will become a subsidiary of Garware.

2005

-Garware-Wall Ropes has recommended a dividend of 25%

2006

-Mr. R B Garware has been appointed as Whole-time Director,of the company.

2007

-Garware Wall Ropes has recommended dividend @ 25%

2008

-Garware Wall Ropes has recommend a Dividend 25%

2009

-Garware Wall Ropes has recommended a Dividend of Rs 2.50 per share of Rs 10/- each.

2010

-Garware Wall Ropes recommended Dividend Rs. 2.50 per share of Rs. 10/- each.

2011

-Garware Wall Ropes recommended Dividend Rs. 2.50 per share of Rs. 10/- each.

2012

-Garware Wall Ropes recommended Dividend Rs. 2.50 per share of Rs. 10/- each.

2013
-Garware Wall Ropes Ltd has appointed Mr. P. N. Shah as an Additional Director (Independent) of the Company.
-Garware Wall Ropes Ltd has recommended a Dividend of Rs. 2.50 per share of Rs. 10/- each.

2014
-Garware Wall Ropes Ltd has recommended a Dividend of Rs. 2.70 per share of Rs. 10/- each.

2015
- Garware Wall Ropes Ltd was honoured with the 2nd Most Innovative Exporters 2015 at the ECGC D&B Indian ExportersÂ Excellence Awards 2015.
- Garware Wall Ropes earns 'Best Aquaculture Cage Net Manufacturer Award' at Aqua International(AI) Awards 2015.

2017
-'Garware Wall Ropes Ltd and Israel's Aero-T ink MOU to explore mutual co-operation for manufacturing advanced Aerostats for Indian Defence'.

2018
-Company name has changed to Garware Technical Fibres Ltd. from Garware-Wall Ropes Ltd.
-Garware Technical Fibres Ltd ranked among IndiaÂs Best Companies to Work.

2019
-Garware Technical Fibres a leading manufacturer of technical textiles for the Indian and global markets has been awarded with ÂThe Economic Times Polymers Awards 2019Â.
-Garware Technical Fibres has been awarded the Silver Medal in the prestigious India Green Manufacturing Challenge 2019.

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