Incorporated on 12 Oct.'83, Leena Textiles (LTL) commenced business on 25 Oct.'90. It was originally promoted by P M Reddy, S Veera Reddy and associates. Later, V Natarajan and G Madhusudan joined the company in place of the original promoters. V Natarajan is the present chairman and managing director. The company manufactures PV grey and dyed yarn. Commercial production commenced in Apr.'94. LTL came out with 1.06 cr equity shares at par aggregating Rs 10.6 cr to part-finance the setting up of a Rs 40.07-cr spinning mill with an installed capacity of 24,960 spindles in the Chittoor district of Andhra Pradesh. The company has export tie-ups for 70% of the installed capacity. During 1995-96, the company installed 3 D G sets with a capacity of 1000 kVA, 625 kVA, 180 kVA to meet the power requirement during the power cut period, and also increased the installed capacity by 960 spindles. During the year 1997-98, the company was declared a sick unit due to the accumalated losses and was referred to the BIFR.