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History of APS - Star Industries Ltd.

The Comp. manufactures & deals in parts of modern textile spinning machinery such as ball & roller bearings, top rollers, inserts, centre spindles, jockey pulleys, high drafting systems, etc.

The Comp. was incorporated under the name of Textile Ball Bearing Products & Equipments [Pvts] limited on 24th September, 1957. On 2nd April, 1960, the name was changed to Suessen Textile Ball Bearings & Products Pvt. limited After conversion into a public limited company, the name was further changed to Suessen Textile Bearnings limited with effect from 17th October, 1964. The collaboration agreement with Spindlefabrik Suessen, Schur, Stahlecker & Grill GmbH, Suessen , Germany expired in October, 1976. A new collaboration agreement was signed with them during 1978-79.

During 1987-88, the Comp. entered into a tie-up with SKF Textile Maschinen Komponentes GmbH, [SKF-TMCs], Germany for the manufacture of new technology products relating to textile machinery components as well as for diversification into non-textile areas.

During 1983, the Comp. extended financial assistance to Star of Gujarat Textile Mill Ltd [SGTMs] a sick unit, & also acquired powers to control the composition of Board of Directors of SGTM noting it as subsidiary. On 19th December, 1985, the company acquired equity capital of Rs.37.50 lakh [30,000 equity share of Rs.125 eachs] of subsidiary by converting part of financial assistance granted to it.

Effective from 2nd December, 1988 the name of Comp. was changed to 'Associated Precision Spindles Limited', from Suessen Textile Bearings Limited. This was in view of restructuring of the company production through the SKF-TMC tie-up.