Haria Exports (HEL) was incorporated as a private limited company to manufacture and export readymade garments, before becoming a deemed public limited company, under Section 43A(1A) of the Companies Act, 1956.
A government-recognised trading house manufacturing and exporting readymade garments, Haria Exports, the flagship of the Haria group, has manufacturing facilities (inst. cap. : 9.84 lac pa) at Vapi and Kandla, both in Gujarat. It came out with a public issue (premium : Rs 60) in Sep.'94, to finance its expansion to 23.69 lac pa and to set up a showroom.
The expansion went on stream on schedule in Jan.'95. The company exports to Europe, the US, Australia and New Zealand.
HEL has set up a wholly-owned subsidiary in Hong Kong which will concentrate on general trading, including the products of the Haria group. It will procure the raw materials at competitive rates. The EXIM Bank has sanctioned a sum of Rs 1.2 cr (under the lending programme for promoting overseas joint ventures) to subscribe to the share capital of the wholly-owned subsidiary company.
The company has successfully started a new EOU Unit at Vapi for a total capacity outlay of Rs.200 lacs (approx) during 1999-2000.