A part of the Rs 500-cr Bannari Amman group, based in Tamilnadu, Shiva Texyarn Ltd., formerly known as Annamallai Finance (AFL) became a public limited company in 1986. The promoters have considerable experience in this field and their group is well diversified into sugar, yarn, potable spirits, granite products and other items. The name of the company changed to Shiva Textyarn Limited from the previous name of Annamalai Finance Ltd in October,2002.
The company has around 40 windmills in Coimbatore, Tamilnadu. The power generated by the windmills is supplied exclusively to the Bannari Amman group companies Bannari Amman Spinning Mills and Shiva Textiles. The company floated a subsidiary -- Annamalai Properties, to enter the property development sector. It is engaged in property development in Coimbatore, Madras and Bangalore, and other places. AFL has a vast network of branches in prominent cities.
Another subsidiary of the company, Cream Investment & Trading Company, an NSE member dealing in debt and capital market instruments in Bombay, has been provided an on-line trading facility in Coimbatore.
The company has also plans to diversify the activities of the company by establishing textile manufacturing units. During 2002-03 the company has surrended its Certificate of Registration to RBI,as the company ceased to be an NBFC in terms of Assets and Income proportion.