Promoted by K C Gupta and his sons in Dec.'94, Global Knitfab set up a 100% EOU at Derabassi, Punjab, for the manufacture of cotton knitted socks with an installed capacity of 76.56 lac pairs.
The product mix comprises of sport socks (inst. cap. : 27 lac pairs pa); Dress socks (inst. cap. : 27 lac pairs pa) and rib socks (inst. cap. : 22.56 lac pairs pa). The company came out with a public issue of 45,10,000 equity shares of Rs 10 each for cash at par aggregating Rs 451 lac.
In Mar.'95, the company entered into a MoU with Lonati, Italy, for providing complete technical know-how for the manufacture of cotton socks and for the supply and training of equipment for the company's project.
The company has a 50% export arrangement with Dignity General Trading, Sharjah, a trading outfit of Almighty Shipping Corporation (St Vincent), engaged in the import export of textiles for the last two decades.
The company commenced part commercial production on 36 Nos sock knitting machines from 21st Nov'96. During 1997-98, the company also increased installed capacity of cotton socks by 41040 dozen pairs.
The status of the company was changed from 100% EOU to 5% EPCG from May 2000.