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Kothari Industrial Corporation Ltd.

BSE: 509732 Sector: Others
NSE: KOTHARINDL ISIN Code: INE972A01020
BSE 05:30 | 01 Jan Kothari Industrial Corporation Ltd
NSE 05:30 | 01 Jan Kothari Industrial Corporation Ltd

Kothari Industrial Corporation Ltd. (KOTHARINDL) - Company History

The company was incorporated in 1970 as a public limited company under the name Kothari (Madras). Later, five companies -- Kothari Textiles, Adoni Spinning and Weaving Mills, Balamadies Plantations, Waterfall Estates, and Blue Mountains Estates and Industries --were amalgamated with it. In 1984, the name of the company was changed to Kothari Industrial Corporation (KICL). Pradip D Kothari is the chairman and managing director of KICL. Subsidiary companies are Kothari Information Systems, Kothari Hotels and Kothari (Madras) International. KICL is a well-diversified company with four divisions -- textiles, plantations, granite and fertilisers. In Nov.'92, it came out with a rights issue of 4.5 lac 16% PCDs of Rs 400 each, amounting to Rs 18 cr. The main objects of the issue were to part-finance a Rs 22.50-cr project to increase capacity and modernise facilities at the spinning mills at Singanallur and Vadamathurai near Coimbatore and to set up a 100% EOU to manufacture 50,000 sq mtr of granite tiles at Ennore near Madras. The company is planning to set up a brewery project at Aurangabad with Fosters Brewing Group (FBG) of Australia. A joint venture with FBG Holding India was entered for implementing the project. The Company is taking active steps to discharge all high cost borrowings and towards this, further restructuring exercise will be pursued. The proposed transfer of Kothari Textile - Mill No. 2 at Coimbatore to the wholly owned subsidiary of the company is being pursued and is likely to be completed after obtaining permission from financial / investment institutions.