GTN Industries Ltd Company Summary

GTN Industries Ltd Summary

GTN Industries Limited (Formerly known GTN Textiles Limited) was incorporated on August 02, 1962 and the erstwhile GTN Textiles was taken over by the present promoters in 1966. The Companys name was changed to GTN Industries Limited on October 25, 2005. The flagship of the GTN Patodia Group, GTN Textiles (GTNTL) has several unique distinctions. It was the first company to export cotton yarn from India to Japan and Italy. The Company has its production facilities in the state of Telangana and Maharashtra and is presently engaged in the business of Spinning and Doubling of Yarn. In 1992, it exported virtually its entire production, although it is not an EOU. The installed capacity of its plant at Alwaye, Kerala, has been increased from 12000 to 38600 spindles, bringing the companys total spindleage to 60340. In Jan.93, GTNTL came out with its maiden public issue to modernise the existing plants, meet long-term working capital requirements and invest in the groups newly promoted company, Patspin India Ltd.GTNTL is a government-recognised Export House and a Star Exporter. Perfect Spinners, a group company, also into cotton yarn, was merged with the company in Apr.94. It is implementing an expansion-cum-modernisation programme at all its units. GTN Exports and Packworth Udyog are subsidiaries of GTN Textiles. In 2000-2001 the company has raised term loan of Rs.22.83 crores under Technology Upgradation Fund Scheme which provides for 5% interest subsidy,for marginal increase in capacity and substantial modernisation/replacement of old machinery across the units,by availing world-class technology. To foray in production of Compact Spun Yarns and also to upgrade its production technology the company embarked upon TUF-II scheme for a total outlay of Rs.40 crores. It is also focussing on product diversification,startegic marketing,cost control measures etc to perform satisfactorily.Based on the approval given by Shareholders at their Meeting held on 26 August 2005, and subsequent approval by the Honble High Court of Kerala on 19 December, 2005 to the Scheme of Arrangement, certain business of Company was transferred to GTN Industries Limited which included the spinning unit at Aluva, Investments of 39.07% of the paid up equity share capital of Patspin India Limited and other assets as specified in the Scheme, which was effective from 19 December, 2005. After demerger, Company had two Spinning Units at Nagpur and Medak with aggregate capacity of 70336 spindles, Yarn Processing Unit at Shadnagar and Yarn Doubling Unit at Medak.Since the Company was classified as a potentially sick company during 2015-16 and intimated to the BIFR on 27 October, 2016 after approval of shareholders. However, Presently SICA, 1985 is withdrawn.Working with world leaders in fashion along with vertically integrated value addition chain in-house, GTN Industries Group has launched its own brand of lifestyle knitted garments crafted of world class 100 % cotton mercerized yarn. In tune with the emerging fashion trends world-wide, Cotstyle garments epitomise both class and comfort for discerning customers both in India and Overseas. The Brand also offers customised garments for the Corporate Houses in India. The goodness of GTN Industries premium quality yarns is well knit into Polo Shirts in several variants like Solids, Bitones, Jacquards - Stripes / Tiny Checks / Wave Stripes / Dots / Block Stripe / Bitone Checks / Multi Color Pin Stripes / Subtle Bitones and more. Cotstyle offers a wide Range of Premium Quality PIMA Mercerised Woven Shirts crafted from high quality 100 % Egyptian Cotton Mercerised Yarn.