Gangotri Textiles Ltd

Gangotri Textiles Ltd

Gangotri Textiles Ltd is a vertically integrated textile unit. The company is engaged in recycling of waste open-end spinning ring spinning weaving processing and garments manufacturing. They have world class in- house facilities from processing yarn to manufacture of finished garments. The company's production facilities are located at Coimbatore Maharashtra Dindigul and Erode. Their products include cotton yarn elastic yarn and specialty yarn fabric and readymade garments for men. Their garments are marketed under the brands Tibre Fugo and E Gen. Gangotri Textiles Ltd was incorporated on July 26 1989 as a private limited company with the name Gangotri Textiles Pvt Ltd. The company was promoted by the Manoj Kumar Tibrewal. Initially the company started their business as waste-cotton re-cycler and trader in the late 1980s in Kolkata. In the year 1989 the company was formally incorporated. In January 1993 the company was converted into public limited company and the name was changed to Gangotri Textiles Ltd.In August 1993 the company set up 4 open end spinning machines at Palladam Taluk in Coimbatore (Unit I) at an investment of Rs.4.76 crore. In July 1994 they made a public issue of equity shares at par for an amount of Rs.2.10 crore to part fund the expansion of Unit I. Also they expanded the Unit I with 2 more O.E. FramesIn the year 1995 the company set up Sri Dwarka Textiles (Unit II) at Avinashi Taluk Coimbatore and commenced commercial production. During the year 1997-98 the company purchased an existing open end spinning sick unit at Kolhapur Maharashtra (Unit III) and managed to make it a viable profitable unit. Also they expanded the Unit III with 3 more O.E FramesIn the year 2000 the company ventured into the ready-made-garments (RMG) market through their division Gangotri Apparels and launched their Tibre brand of cotton trousers in Coimbatore. They also launched TIBRE brand trousers at Bangalore and other cities.In March 2000 the company acquired a 7 years old 16800 spindle ring-spinning sick unit Palani Andavar Cotton & Synthetics Ltd (Unit IV) located in Udumalpet and also managed to make it a viable a profitable unit. Also the company expanded the Unit II with 3 more O.E Frames during the year. In the year 2001 the company set up a Processing Unit V for garments at Perundurai -SIPCOT Complex. During the year 2001-02 they undertook a modernization program at Unit IV. In the year 2004 the company installed a captive power generation plant at Unit IV. In the year 2005 they installed two Wind Mills of 1.65 M.W each at Udamalpet for captive consumption of power. Also they established cotton waste recycling unit (Unit VII) at Coimbatore.In the year 2007 the company started commercial production of Weaving & Processing Unit. In the year 2008 the company launched the new brand Fugo - trousers & shirts exclusively for the youth. They introduced Ready to Stitch cut bits under the brand name Lemon.In the year 2009 the company set up Unit IX with the capacity of 5000 Spindles and commenced commercial production. During the year 2009-10 the company increased the production capacity of Spindles from 17376 Nos to 23424 Nos. The company decides to sell one or more units of the company for the repayment of the loan borrowed from the consortium Lenders for the project.