BSE:521176 | NSE:GANGOTRIBZ | 58888:gate | IND:Textiles - Spinning - Cotton Blended | ISIN code:INE670B01028 | SECT:Textiles
The Company History page lists out the major events in chronological order for Gangotri Textile Ltd.
|Company History - Gangotri Textile Ltd.|
|The Company was incorporated on July 26, 1989 as Gangotri
Textiles Private Limited. The Company was converted into a
public limited company on January 1, 1993 and received a fresh
certificate of incorporation consequent to the change of name to
Gangotri Textiles Limited dated January 1, 1993. |
Shri Manoj Kumar Tibrewal, Managing Director of the Company along with Shri Mohanlal Tibrewal, his brother, and Shri Ramesh Kumar Tibrewal, his cousin brother, have promoted the Company.
The Company considers itself as an instrument in serving society through industry. The Company believes that the following are the means by which it can achieve this.
.. Meeting the growing needs of the customer in a changing competitive world.
.. Delivering total customer satisfaction by ensuring quality goods and services cost –effectively.
.. Providing a satisfactory return on equity investment through profitable growth in a sustained manner.
.. Fulfilling career aspirations and economic needs of the employees.
.. Maintaining cordial and ethical relationship with each and everyone associated with the Company.
.. Fulfilling national and social priorities.
HISTORY AND MAJOR EVENTS
Gangotri Textiles Ltd. (GTL) is an existing listed textile company engaged the business of manufacturing textiles by way of open-ended (OE) spinning, ring spinning and garment manufacturing.
GTL was promoted by the Shri. Manoj Kumar Tibrewal, who started his business as waste-cotton re-cycler and trader in the late 1980s in Kolkata. Subsequently, in July 1989, he promoted GTL as a private limited company.
Later, GTL was converted into a public limited company in January 1993. The first project undertaken by GTL was to set up 4 open end spinning machines at Palladam Taluk in Coimbatore (Unit I) at an investment of Rs.4.76 Crores. GTL’s Unit I became operational in August 1993. In July 1994, GTL made a public issue of equity shares at par for an amount of Rs.2.10 crores to part-fund the expansion of Unit I.
The second expansion came with the setting up of Sri Dwarka Textiles (Unit II) at Avinashi Taluk, Coimbatore, which started commercial production in March 1995.
During the period 1997-98, GTL purchased an existing open end spinning sick unit at Kolhapur, Maharashtra (Unit III) and managed to make it a viable profitable unit. In March 2000, GTL acquired a 7 years old 16,800 spindle ring-spinning sick unit (Palani Andavar Cotton & Synthetics Ltd.) located in Udumalpet, and also managed to make it a viable a profitable unit. Later in FY2002, a modernization program was taken up at the above unit. Post modernization, the unit is working at full capacity from FY2003.
In the year 2000, GTL had ventured into the ready-made-garments (RMG) market through its division - Gangotri Apparels, by launching its "Tibre" brand of cotton trousers in Coimbatore. GTL has slowly increased the geographical coverage for marketing its trousers and presently the “Tibre” brand is present in the following cities and small towns of the country.
Gangotri had a 100% subsidiary by the name of Gangotri Textile Processor Limited (GTPL), which was incorporated in the year 1999. In the year 2001, the merger of the two companies was proposed by their Board of Directors and was to be given effect in accordance with the appropriate provisions of the Companies Act, 1956.
The Scheme has been passed under Section 395 of the Companies Act through a special resolution passed at the EGM and GTPL was amalgamated with its parent company, Gangotri, with effect from April 1, 2001. While the appropriate provisions of the Companies Act, 1956 governing the above arrangment would be Sections 391 – 394, the Company has completed the said arrangement under the provisions of Section 395 of the Companies Act, 1956.
Subsequently the Company received a letter No. JP/F-35A/C/8952 dated April 1, 2002 from RoC requiring the Company to intimate the RoC about the completion of the process and to put up a proposal to have the company's (GTPL) name struck off under Section 560 of the Companies Act. Accordingly, GTPL made an application (vide letter No. GTPL/2002/1240 dated April 12, 2002) under Section 560 of the Companies Act to strikeout or deregister its name from the register of companies maintained by the ROC.
ROC has by a letter dated January 23, 2006 informed GTPL about its intention to strikeout or de-register GTPL's name from the register of companies under sub-section 3 of section 560 of the Companies Act on the expiry of 3 (three) months from the date of the letter resulting in its dissolution without any further act or deed.
MILESTONES ACHIEVED BY THE COMPANY
1989 Gangotri Textiles Limited was incorporated on July 26, 1989 as a private limited company 1992 Converted into a public limited company 1993 Unit I commenced production with 4 O.E frames 1994 Initial Public Offering of GTL involving 21,00,000 Equity shares of Rs.10/- each 1994 Unit I expanded with 2 more O.E. Frames 1995 Unit II commenced its production with 7 O.E Frames 1997 Took over sick unit viz., M/s. Arihant Spinning Mills – Kolhaphur District, Maharastra and managed to make a viable profitable unit. 1998 Unit III expanded with 3 more O.E Frames 2000 Launched "TIBRE" brand trousers at Bangalore and other cities. 2000 Took over a sick unit viz. Palani Andavar Cotton & Synthetic Ltd. at Udumalpet - Dindugal District, Tamil Nadu and made it one of its units. GTL successfully turned around this unit into a viable profit making unit (Unit - IV) 2000 Expanded Unit II with 3 more O.E Frames 2001 Processing Unit V for garments at Perundurai –SIPCOT Complex 2002 Modernisation scheme implemented in Unit – IV 2003 Awarded ISO 9001:2000 quality certification for Unit I & II 2004 Installed a captive power generation plant at Unit IV
- Two Wind Mills of 1.65 M.W each installed at Udamalpet for captive consumption of power.
- Established cotton waste recycling unit (Unit VII) at Coimbatore
-Gangotri Textile has given the Bonus in the Ratio of 1:1
-Company has splits its Face value of Shares from Rs 10 to Rs 5
--Registered Office of the Company has been shifted from 473 / 2 P.K.D. Nagar, Peelamedu, Coimbatore - 641 004 to Old No 42, New No 35, Robertson Road, R.S Puram, Coimbatore - 641 002 ".
2016 -Gangotri Textiles Ltd has informed that the Registered Office of the Company has been shifted from 35, Robertson Road, R.S.Puram, 641 002 to Gangotri Textiles Ltd 25, 25A, Venkatachalam Co-op Colony, R.S. Puram, Coimbatore - 641 002
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