Nahar Industrial Enterprises Ltd Share Price

History of Nahar Industrial Enterprises Ltd

Nahar Industrial Enterprises Limited (NIEL) was promoted by the OSM Group on September 27, 1983, as 'Oswal Fats and Oils Limited'. In 1994-95, its name was changed to Nahar Industrial Enterprises Limited. The Company is engaged in the business of Textiles and Sugar. To begin with, the company installed a fatty acid unit with an annual capacity of 10,500 tpa and the plant was commissioned in Feb.'85. The main products were hard oil, fatty stearic acid and distilled glycerine. NIEL installed, in Feb.'87, a plant for production of oxygen with an annual capacity of 6,48,000 cubic mtr. It integrated backward by installing a solvent extraction plant during 1987. Subsequently, the company expanded its facilities as well as diversified into the manufacture of toilet soaps. The company went pu ...blic in Jan.'93 to part-finance the setting up of a writing and printing paper manufacturing unit and a vanaspati ghee manufacturing plant. However, the paper project has not yet been commissioned, whereas the vanaspati ghee plant has been set up with a capacity of 19,800 tpa which is being expanded to 33,000 tpa. The company's spinning units for cotton and blended yarn (cap.: 50,000 spindles) are under installation at Latru and Mundian Kalan, near Ludhiana. During the year 1997-98, Nahar Fabrics Ltd. has been amalgamated with the company. During 1998-99, the company commenced commercial production of its spinning unit at industrial focal point, phase-VIII. It has also finalised an expansion scheme by installing additional 80 Nos Picanol Airjet Looms at a total cost of Rs 36.95 crs. The Hon'ble High Court of Punjab & Haryana at Chandigarh has given order for convening the meeting of Equity Shareholders, Secd. Creditors, Unsecd. Creditors on 27.10.01 to consider Scheme of Amalgamation of Oswal Cottom Mills with the company. The Company has amalgamated Nahar International Ltd with itself w.e.f.29th April 2005. According to the Scheme of Amalgamation, the company has allotted THREE equity shares of Rs.10/- each for every TWELVE equity shares of Rs.10/- each held by the shareholders of Nahar International Ltd. The Company has also amalgamated Nahar Sugar & Allied Industries Ltd with itself from 29 April 2005. As per the Scheme of Amalgamation the company has allotted THREE Equity Shares of Rs.10/- each for every TEN Equity Shares of Rs.10/- each held by the shareholders of Nahar Sugar & Allied Industries Ltd. During the year 2005, Nahar International Limited (NINL) and Nahar Sugar & Allied Industries Limited (NSAIL) were amalgamated with Company vide order dated 4th March, 2005 passed by Hon'ble High Court of Punjab and Haryana, Chandigarh. Pursuant to scheme of amalgamation the entire business, all assets and. all liabilities of erstwhile NINL and NSAIL vests in the company w.e.f. 1 April, 2004. During the year 2004-05, the company installed 130 weaving looms and 1872 rotors; it also installed continuous dyeing range mercerizing machine commissioned during July, 2005. The Company commenced commercial production of the unit II process with a capacity of 50,000 meters per day and yam dyeing plant with a capacity of 5 tons per day at Lalru, Punjab. Thereafter, it commissioned 8MW power plant at Amloh, Punjab and a 12 MW power plant at Lalru, Punjab. Nahar Retail Ltd. [(Wholly owned subsidiary of the company) name was Cotton County Retail Ltd. (CCRL), and CCRL ceased to be a subsidiary of the Company during year 2008. The Hon'ble National Company Law Tribunal, Chandigarh has sanctioned the Scheme of Arrangement for Amalgamation of Cotton County Retail Limited with the Company and their respective shareholders and creditors vide its Order dated 21.02.2023. The Scheme became effective with Registrar of Companies, Chandigarh on 18.03.2023. Consequent to amalgamation, Cotton County Retail Limited ceased to be the Associate of the Company in 2023.