Nahar Spinning Mills Ltd

Nahar Spinning Mills Ltd

Nahar Spinning Mills Limited incorporated as a Private Limited Company in December 1980 which became a Public Limited Company in 1983. The Company is engaged in the business of manufacture of cotton yarn/blended and synthetic yarn and hosiery knitwears. The company's units are located at various places in Ludhiana. It has its own dyeing unit equipped with modern machinery at Ludhiana. It set up a new spinning unit to manufacture cotton/synthetic yarn at Simrai Mandideep Madhya Pradesh.In 1995 it decided to put up an Acrylic Fibre Project of 18000 tons capacity as a measure of backward integration the total cost of project amounted to Rs 207.43 cr which was financed by Rights issue of Secured Premium Convertible Bonds with warrants. Due to continues fall in share prices resulted into shortfall for funding of the project. The board in Aug'97 decided to shleve the project and utilise the balance available money collected for this project in a more profitable venture of spinning and garment industries.During 1999-2000 the 100% export oriented spinning unit at village Jalalpur Distt. Patiala commenced commercial production. The Company has already installed 16128 Spindles and balance 12096 spindles are under erection. The Company is putting up a Mercerising-cum-Dyeing Plant at Village Lalru Distt. Patiala Punjab.The 1st phase of the Company's Mercerising cum Dyeing Plant commenced commercial production on 15th September2000. The second phase of expansion of Mercerising unit was completed and the installed capacity of the unit stands incresed to Approx 4500 Kg per day. During 2002-03 the company has replaced old machinery with the Ultra Modern Machinery at a cost Rs.15 crores.During the year 2006 spinning project of 24000 spindles and 720 rotors at Village Lalru Patiala was commissioned. The Hon'ble Punjab & Haryana High Court sanctioned the Composite Scheme of Demerger and Arrangement between the Company Nahar Exports Limited and Nahar Capital and Financial Services Limited vide its Order dated 21st December 2006 which was filed on 12th January 2007 at Jalandhar. Thus as per Scheme Company's 'Investment Activities' stand demerged and transferred to Nahar Capital and Financial Services Limited and 'Textile Business' of Nahar Exports Limited's stand demerged and transferred to the company w.e.f. the appointed date i.e. 1st April 2006.