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Incorporated as a public limited company on 20 Sep.'94, Sterling Spinners belongs to the associate companies of Savorit. The annual turnover of the associate companies of Savorit is about Rs 30 cr. It is promoted by the late Kolur Sreenivasan and K S Venugopal. The company is implementing a project to set up a spinning mill at Padiyur Pudupatty (Dindigul Anna district), Tamilnadu, for the manufacture of 30s carded hosiery cotton yarn with an installed capacity of 12,096 spindles. It came out with a public issue of 37,00,000 equity shares of Rs 10 each for cash at par aggregating Rs 3,70,00,000, in Feb.'96. The company has received an indication letter from Lapasia Enterprise, Madras, to take the entire production of 30s carded hosiery cotton yarn. During the year 1996-97 the company has achieved the capacity of 12096 spindles in stages. In the year 2000-01, due to accumulated losses, the company has become a sick industrial company under SICA, 1985. |
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