Incorporated in Mar.'89, Nagreeka Exports (NEL) was promoted by Chairman Ishwarlal Patwari. NEL was started to set up a 100% export-oriented spinning unit for cotton yarn. This unit has an installed capacity of 26208 spindles and is located in the Kolhapur district of Maharashtra.
Commercial production commenced in Mar.'95, after a delay of 6 months, which was caused by the delay in the delivery of machinery by the manufacturers, for which the company came out with a Rs 13.99-cr public issue at a premium of Rs 20, in Jan.'94. NEL signed a MoU with Globex Pvt Ltd to market cotton yarn in Singapore, Malaysia, Indonesia, the Philippines, etc. Its products are single and doubled, carded and combed hosiery and weaving cotton yarn. The company has taken up the necessary steps for the implementation of a silk fabric project. The land has already been allocated.
During 1998-99, the company received ISO 9002 certification in respect of yarn and knitted fabric. The company had plans to set up a captive power plant to achieve cost advantage on power consumption.
The Company is still awaiting certain clearance to implement the captive power project. The company has also proposed to further upgrade existing equipments while also adding capacity for yarn and down stream value added products. The additions would be done under Textile Upgradation Fund Scheme.
The company also proposes to augment spinning capacity to achieve economy of scale together with more value added production under the Technology Upgradation Fund Scheme.