History of H P Cotton Textiles Mills Ltd.

YEAR EVENTS 1981 - The Comp. was incorporated as a Public limited Comp. on 3rd September, & the Certificate of Commencement of Business was obtained on 5th January, 1982. The Comp. was promoted by Arjun Das Agarwal, Kashmiri Lal Agarwal in Association with the Haryana State Industrial Development Corporation, limited The main objective of Comp. is to manufacture cotton and/or synthetic yarn/thread.

- The Comp. set up a sewing thread cum spinning mill with an installed capacity of 12,480 spindles for manufacture of cotton sewing thread & industrial yarn of different colours for sewing, weaving carpet & canvas belting, filter cloth, tarpaulins, taper, fishing nets, canvas cloth & industrial ropes. A major part of machinery was obtained from Lakshmi Machine Works Ltd., Coimbatore.

1985 - 7,07,800 shares taken up by promoters, directors, etc. and 2,12,000 shares allotted to HSIDC. 22,80,000 shares then issued at par of which 5,12,200 to promoters, directors etc. and 2, 67,800 shares to HSIDC were reserved & allotted. The balance 15,00,000 shares were offered for public subscription during October 1984. Only 2,95,400 shares were taken up. The balance 12,04,600 shares devolved on the underwriters [6,42,000 shares of IDBI & 2,81,100 shares each on IFCI & ICICIs].

1989 - The Comp. undertook to expand its capacity from 13,728 ring spindles to 24,980 ring spindles.

1991 - The Comp. installed another 11,232 spindles bringing the total installed capacity to 24,960 spindles. Commercial production on the newly added capacity started only during November - December. Besides, a few balancing machinery was also added to the thread division to improve the product-mix & range of products.

1992 - The Comp. undertook scheme of backward & forward integration to increase the thread manufacturing capacity by around 80%.

- 6,10,000 equity shares allotted at par to promoters, etc. in conversion of their unsecured loans.

1993 - The Comp. successfully implemented expansion scheme.

- 62,250 equity shares forfeited.

1996 - The Comp. has chalked out a programme for modernisation and Balance of equipments & testing gadgets.