Incorporated in Jan.'89 as a private limited company and subsequently converted into public limited company in Jul.'94, Riba Textiles was promoted by Ravinder Garg and his family.
The company is engaged in the manufacture of terry towels at Chidana (Panipat district), Haryana. Commercial production commenced in Jan.'92. In 1995-96, the company undertook an expansion-cum-backward integration programme to increase the installed capacity from 250 tpa to 1499 tpa; and also to set up an open-end spinning plant with a capacity of 768 rotors, for the manufacture of cotton yarn for captive consumption. The company is also installing its own dyeing facility.
In Mar.'96, the company issued shares to the public to part-finance its expansion-cum-backward integration project. The company is a registered 100% EOU.
During 1996-97, foreign exchange earned by the company is amounting to Rs. 7.67 cr.