Incorporated as a private limited company in Apr.'88, Bindu Synthetic became a public limited company in Oct.'92. It was promoted by Amar Sheth and Navin Chandra Kapadia. Engaged in the manufacture of intermingled yarn, the company set up a 100% EOU at Amgaon (Thane district), Maharashtra, for the manufacture of knitted cotton sweaters, with an installed capacity of 1,50,000 pa. It entered the capital market with a public issue in Sep.'93 to part-finance the project. It also undertook the modernisation of its yarn division at a total cost of Rs 202 lac. Its yarn division has factories at Silvassa, Pardi (Gujarat) and Amgaon. The EOU at Amgaon commenced commercial production in 1994. In Apr.'95, the company took over Kaypee Mantex, with a capacity of 2000 tpa. With this, the total capacity of the company increased to 2500 tpa. The capacity of the Amgaon yarn unit was also increased to 600 tpa by installing additional equipment. During 1995-96, the knitting division performed badly due to the labour problem which started in Oct.'95. It decided to change the location of the knitting division from Amgaon to Silvassa, for better organisation. The operations of the yarn division is under considerable strain due to severe depression in the industry. The company's application to BIFR for delcaring it sick has been rejected. It has now applied to the Appellate authority which has admitted the case.