Spentex Industries Ltd

Spentex Industries Ltd

Spentex Industries (SIL) a RP Goenka group of company was incorporated in Nov.'91. SIL was promoted by CESCON and KEC International to set up a 100% EOU to manufacture combed cotton yarn at Baramati Maharashtra. To part-finance the cost of this project the company made a Rs 8.8-cr public issue in Nov.'93. The estimated cost of the project as appraised by ICICI was Rs 54.81 cr.The company produces combed cotton yarn of 32s (hosiery) 40s and 40s (hosiery) count which is used in the manufacture of cloth and hosiery. The company exports its yarn to various countries in west Europe south-east Asia the US west Asia and the Caribbean Islands. In 2000-01 the company added a new export market in Tunisia.In 1996-97 the company installed Diesel Generating Set of 2.5 MW which enable the consistent power supply to the plant. SIL is now trying to penetrate export market in Bangladesh. Additional 3024 spindles were commissioned during 1999-2000. The company was accreditated with ISO 140001 April2002. The Company's networth was fully eroded and the same has been reported to BIFR. The company has established a new customer base in Europe-PortugalSpainPolandCyprusBelgium etc.The company has acquired Indo Rama Textiles Ltd during the year 2006 and the swap ration has been fixed at 90 equity shares of Rs.10/-each of the company will be allotted for every 100 equity shares held by the shareholders of Indo Rama Textiles Ltd(IRTL).