Promoted by V N Nadkarni, Aditya Spinners (ASL) was incorporated in 1991. The mill, located at Perindesam (Chittoor district), Andhra Pradesh, has an installed capacity of 15,360 ring spindles to produce polyester / viscose blended yarn. The licensed capacity of the company is 25,000 spindles. ASL has added 6710 more spindles to its capacity at its existing plant. In 1995, it spent Rs 14.53 cr to this effect.
The company started exports in 1995-96 and to promote this activity it is now going in for the ISO 9000 accreditation. ASL has secured an export order for the supply of polyester and viscose blends to France. It has entered into a long-term tie-up with Lodovico Rossini, Italy, for the export of two large containers valued at Rs 50 lac. The export market is steadily improving and the company is getting good orders with better realisations and hopes to do better in the export market.
The company has submitted a revival proposal to IDBI which includes financial restructuring, expansion, modernisation and line balancing. IDBI referred the proposal to an independent Textile Expert for conduction a techno-economic viability study. On their recommendation and also on their own appraisal, IDBI has prepared a package which includes waiver of about Rs 21 crore, conversion of Rs 8 crore in the equity and reschedulement of Rs 11 crore to be payable during 2011 and 2012 without interest out of the interest overdues of Rs 39 crore. Along with the restructruing package, IDBI has also approved modernisation, expansion and line balancing proposal which would cost around rs 13.16 crore.