Gem Spinners India (GSIL) was incorporated in Oct.'90 as Gem Spinning and Weaving Mills. The name was subsequently changed to the present one in Apr.'92. R Veeramani is the Chairman and Managing Director. The company is in the business of textiles. Its products are cotton yarn in the count range from 20s to 100s and knitted fabric. The plant is located in the Kancheepuram district of Tamilnadu. To part-finance its project of setting up a 100% EOU for the manufacture and export of cotton yarn and knitted cotton fabrics, GSIL went public with its maiden issue in Jan.'94. The plant and machinery -- consisting of blow room, carding machines, draw frames, combing machines, simplex machines, ring frames and winding machines -- are from Germany, Italy and Switzerland whereas the knitting machines are from Singapore. GSIL exports to Japan, Korea, Taiwan, Malaysia, Hong Kong, etc. In 1995-96, it diversified into garment exports and created a new division for this purpose. During 1996-97, company has installed 3 diesel generator sets of 1000 KVA to overcome the power cut.The company's GEM brand has established world high quality standards and is regarded as one of the best yarn in the world. The company as informed in 1999 has been declared Sick by BIFR and the Board has appointed IDBI as Operating Agency. The face value of equity shares was reduced to Rs.5 per share.