Ventura Textiles Ltd

Ventura Textiles Ltd

Incorporated as a private limited company under the name Vijay Tubes & Cones Pvt Ltd its name was changed to VTC Industries (VTCIL) in May '94 after its conversion into a public limited company and again changed as Ventura Textiles Corporation Ltd. The Company is engaged mainly in the business of manufacturing of Textiles consisting of Fabric and Yarn.The company came out with its initial public offering in Oct.'94 aggregating Rs 1.13 cr to part-finance the capital by setting up a 100% export-oriented textile weaving unit. The total cost of the project was Rs 9.3 cr. The company entered into a marketing tie-up with Kidarnath Kishanchand (a division of JCT) for its entire production.The company has acquired land near Nashik for backward integration and also to add additional weaving capacity. It also have its own power generation facilities.The company went in for an expansion and backward integration in 1995-96. It also installed 960 OE rotors with back process machinery alongwith 32 wider width Sulzer projectile looms. The project was part financed through a rights issue. In 1996 the company commenced its direct exports. The company also initiated its marketing efforts with diversified product-line and also into other markets viz. Srilanka Bangladesh etc.During 2002-03 the company has shifted its Satpur operation to Gonde unit. This is in line with rehabilitation scheme filed with BIFR. During March2003 both IDBI and SBI has sanctioned financial restructuring under CDR mechanism.The name of the company has been changed during January 2005 from Ventura Textiles Corporation Ltd to Ventura Textiles Ltd.The Hon'ble Board for Industrial Financing and Reconstruction (BIFR) vide its Order dated 24th June 2013 for reviving the Company approved the derating of the Equity Share Capital of the Company by 75% and permitted preferential allotment of Equity Shares of the Company to the extent of Rs.14 Crores.