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History of Abhishek Industries Ltd.

Abhishek Industries Limited was incorporated on april 18 1990 in the state of Punjab. In 1992, the Comp. started implemeting its yarn spinning project in joint sector with PSIDC to set up facilities for manufacturing cotton yarn with an installed capacity of 24,960 spindles. Subsequently, the capacity was enhanced to 32,400 spindles. In the year 1998, PSIDC & the Comp. decided to set up another unit of 43,392 spindles at a capital outlay of Rs. 9500 lacs out of which 36,288 spindles started commercial production from July 01, 1999.

Abhishek Spinfab Corporation Limited, having facilities for processing of 4767 tpa of cotton yarn & manufacture of 3032 tpa of terry towel products was amalgamated with the Comp. vide High Court order dated May 13, 1999. Further, the Comp. has expanded the terry towel capacity of Terry Towel Division from 3032 tpa to 7500 tpa during the year 2001 at a capital outlay of Rs. 6030 lacs.

Varinder Agro Chemicals Limited having facilities of producing 34,250 MTs of Paper & 1,00,000 MTs of Sulphuric Acid was amalgamated with the Comp. vide High court order dated January 03, 2002.

At present the Comp. is operating in four main business segments viz. Yarns, Terry Towels, Paper & Chemicals & is having facilities for manufacture of yarn [76,560 spindless], processing of yarn [4767 tpas], manufacture of terry towels [100 loomss], writing and printing paper [34250 tpas] & sulphuric acid [1,00,000 tpas] besides operating in Co-generation of Power & Soda Recovery.

To be globally competitive, the Comp. has taken initiatives to expand & optimize its existing capacities. The Comp. has undertaken an expansion project to increase the capacity of terry towel by 12,300 tpa with instalation of another 100 Looms for production of Dobby and Jacquard towels along with the requisite preparatory, dyeing etc. at a capital outlay of Rs. 225 crores. The project shall be completed by March 31, 2004

The Comp. is presently exporting its products to over 34 countries across 5 continents. The export turnover amounts to about 50% of total sales of Company.

The Comp. is one of largest manufacturers of Terry Towels in India & has recently been awarded the prestigious 'International supplier of year - 2001' Award by Wal Mart, the No. 1 Corporation in the World.

2002

-High court of Punjab & Haryana approved the merger of M/s Varinder Agro Chemicals Ltd.

-Appoints Mrs Madhu Gupta as the Managing Director of company.

-Nominates Mr Pawan Jain as the Comp. Secretary & Compliance Officer.

-PSIDC withdraws the nomination of Mr R K Bhandari on the Board of company.

2003

-Appoints Mr Rajiv Dewan as the Additional Director of company.

-Ties up with Apollo Health & Lifestyle Ltd to implement & operate 'The Apollo Clinic'.

-Incorporates a 100% wholly owned subsidiary 'Abhishek Industries Inc' in USA & invests USD 25000 against subscription of 25000 shares of USD 1 each.

-Board approves for following: Delisting of equity shares from Ahmedabad, Delhi, Ludiana Stock Exchanges. Increase in Authorised capital to Rs.3000 million. Increase in Borrowings power of BOD upto Rs.10000 million. Creation of charge on term loans.

-Mrs Madhu Gupta resigns as the Director on the Board of company.

-The shareholders have approved reclassification of Authorised Share Capital of Comp. to be divided into equity shares of Rs 2500 million & preference shares of Rs 500 million aggregating to Rs 3000 million.

2004

-Abhishek Industries Limited has informed that pursuant to the application of delistment filed by Company, The Delhi Stock Exchange Association Limited has approved the delisting of equity shares of Comp. wef January 23, 2004.

-Abhishek Industries Ltd has received the prestigious 'Supplier of Year 2003' Award from Wal Mart, USA.