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History of Aarvee Denims & Exports Ltd.

Amtex India Private Limited was incorporated on 28th March 1988 & the commercial production of Denim fabric was started in 1989. The Comp. was converted into a Public Limited Comp. & the name was changed to Amtex India Limited vide special resolution passed u/s 21,31,44 [2s][bs] at the Companies Act, 1956 on 2.4.1992 & the Comp. obtained a fresh certificate of incorporation consequent to the change of name to Aarvee Denims and Exports Limited on 7.4.1994.

The Comp. set up facilities for dyeing 21.6 lac metres per annum of yarn & processing of 12.96 lac metres per annum of grey fabric at Village Ranipur, Narol, District Ahmedabad. The cost of project was Rs.86 lacs & was financed by term loans of Rs.40 lacs from State Bank of Hyderabad, equity share capital of Rs.24 lacs & unsecured loans of Rs.22 lacs from the promoters. The Comp. commenced commercial production of denim in 1989. In 1991-92, the Comp. set up facilities for weaving 7.02 lac metres per annum of fabric at a cost of Rs.26 lacs. In 1992-93 the Comp. undertook an expansion project for increasing the yarn dyeing capacity from 21.6 lac metres to 81.6 lac metres per annum & the weaving capacity from 7.02 lac metres to 39 lac metres per annum. The cost of expansion project was Rs.919 lacs & was financed by equity share capital of Rs.700 lacs [Promoters - Rs. 250 lacs, Public - Rs.450 lacss], internal accruals of Rs.79 lacs & deferred credit facilities of Rs.140 lacs from IDBI.

During 1993-94, the Comp. installed 4 additional Lakshmi Airjet looms [financed through internal cash accrualss] to increase the weaving capacity. In order to further remove the bottleneck in the weaving capacity, the Comp. has imported 34 second hand Tsudakoma & Suizer Airjet looms at a cost of Rs.300 lacs financed by an equipment loan of Rs.300 lacs from SCICI, increasing the weaving capacity to 82.35 lac metres per annum.

In order to increase the Dyeing & Weaving capacity from 21.60 lac metres & 7.02 lac metres respectively to 81.60 lac metres & 41.68 lac metres respectively, the Comp. came out with a Public issue in November 1992. The project which involved installation of Air Jet Weaving Machines. Yarn Dyeing & Sizing Machines & Spindle Driven Warpers etc. The company Indigo Denim Fabrics are sold under the brand name `Amtex Indigo Blue Denim'.

2007

-Aarvee Denims signs MoU with Government of Gujarat.