Incorporated in Feb.'94 as a private limited company, Hitesh Textiles (HTL) was converted into a public limited in Dec.'94. Hitesh Raval is the chief promoter of the company. HTL came out with its maiden public issue in Sep.'95 to set up processing facilities (153.36 lac mtr pa) with backward integration for manufacturing suitings (5.59 lac mtr pa) and dress material (7.51 lac mtr pa). The plant is situated at the MIDC Chemical Zone, Taloja, 54 km away from Mumbai. Commercial production is expected in Apr.'96. During 1995-96, though the Capital Market conditions were bad the company could managed to get the issue subscribed for 0.92 times. The company has not commenced activites during the year.