Incorporated in 1799, Binny (BL) is managed by M Ethurajan, the executive chairman, and E Shanmugam, the wholetime director. The company is into textiles, engineering, services, shipping, travel, etc. The major promoter of BL is the Rs 16-bln ETA-Ascon, Dubai, which is forging a major thrust on the export front as part of a restructuring plan designed to take over one of the oldest textile companies. The Dynamix group joined hands with BL in Sep.'94. The Dynamix group consists of Metro Shoes, ETA-Ascon, Conwood, Hiranandani Constructions and Indo-Saigon. BL was sanctioned a rehabilitation scheme by the BIFR in Aug.'94. The scheme envisages restructuring the company by hiving off its engineering division and process-house into two separate companies and modernising the textile division with labour rationalisation.
As a part of the modernisation efforts of the B & C Mills at Perambur, the company already installed 120 Nos Rapier Looms and further imported 50 NosAir Jet Looms, 20 High Speed Card, 17000 spindles of Rieter Machines with Link Corners. Due to unprecedented rain in mid of June'96 the company suffered heavly on part of extensive damage to the plant & Machinery and substantial loss of stock of raw material, semi-finished and finished goods. Consequently the operation of the mills was suspended from June'96. The matter is still under dispute about re-opening of the mills. As a part of modernisation plan machinery consisting of 90 Nos. of Picanol PGW Rapier Shuttleless weaving machinery were installed.
Due to the amounting losses, the company has become a sick industrial company. Accordingly, a reference has been made to the Board for Industrial and Financial Reconstruction.
In 1999-2000, the company has received trophy for highest exports in the category of Non SSI for the year 98-99. The company has also received Safety Performance Recognition Certificate from BECHETEL INC for Dabhol Power Project Phase II.