Incorporated in 1962, GTN Textiles was taken over by the present promoters in 1966. 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.
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 company's 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 group's 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.
During December 2005,the company has decided to demerge its Aluva Unit along with investment of the company made in Patspin India Ltd and also offices as well as its assets situated in Mumbai,Kolkata and Coimbatore to GTN Industries Ltd.In consideration of demerger,the shareholders of the company will get One Equity Share of Rs.10/-each of GTN Industries for every One Equity Share held in the company.