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GSL (India) Ltd.

BSE: 503738 Sector: Industrials
NSE: GSL ISIN Code: N.A.
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
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GSL (India) Ltd. (GSL) - Company History

GSL (India) is a multi-product company having a special niche in western India and is the flagship of the Bagrodia group. Originally known as Gujarat Spinners, the company was incorporated in Jan.'82 in the joint sector (with the assistance of the Gujarat State Textile Corporation) to produce speciality yarn. The company started commercial production in Dec.'84. The company was renamed GSL (India) in Nov.'90. Set up in the backward area of Amletha, Gujarat, the capacity of the unit is 47,556 spindles. The products go into weaving of premium suitings, shirtings, furnishing fabric, hosiery, knitwear, deep sea fishing nets, shoes, etc. GSL has diversified into generation of wind power.In 1996, the company increased the installed capacity of spindles (yarn) by 11,680 spindles. In 1997-98, it increased the installed capacity of spindles to 64,016 nos. and installed and started production on 6,000 spindles of sewing threads. During 1998-99, the expansion and diversification project for 17280 spindles of sewing threads was completed. The Company has started production on 8640 spindles out of the 17280 spindles. The project had been delayed due to non-availability of required funds and has been completed at an escalated cost of Rs 8989 Lacs instead of the original estimate of Rs. 5659 lacs. As the networth of the company has completely eroded during 1999-2000, the company was declared as sick company BIFR.