Patspin India Ltd Share Price

History of Patspin India Ltd

Incorporated in 1991, Patspin India Limited was promoted by GTN Textiles under the leadership of B K Patodia and Umang Patodia. The Company is engaged in manufacture and Export of cotton yarn. Patspin India set up a 100% EOU to manufacture medium and fine counts, combed or gassed yarn, with financial assistance from Itochu Corporation, Japan, and Kerala State Industrial Development Corporation. The company tapped the capital market in Nov.'93 to part-finance the project. Patspin has undertaken a two-phase expansion project which includes diversification into twisting, knitting and other value-added products with the available infrastructure. In 1996, the second phase of expansion of 2016 spindles was fully implemented. It also completed the expansion of capacity in Unit 'B' by 16128 ... spindles in Dec'96. This expansion with 100% combing capacity is being set up at the cost of Rs 50 cr. The company exports to Japan, Italy, Israel, the UK, Mauritius, etc. It has made applications for recognition as an Export House. In 1996, the company received the coveted ISO 9002 (IS-14002) certification from Bureau Veritas Quality International (BVQI). During 1999-2000, the textile ministry has launched Textile Upgradation Fund which provides 5% interest susbsidy on the loans eligible and hence the company has undertaken the project at a cost of Rs.1065 lacs for both modernisation and upgradation of technology. Compact Spinning Technology, a new technology which was introduced during the last year has been well received in International Markets due to this the Company continues to expand its capacity in the current year (2001) also. The Company in 2006-07 undertook projects for substantial expansion-cum-modernization under Technology Upgradation Fund Scheme with a total outlay costing Rs.273 crores, including 4 Wind Mills with a total capacity of 5.8 MW at a cost of Rs.34.22 crores. Besides, the Company's new Plant at Ponneri was commissioned in February, 2008. Again, the new unit at Ponneri, Udumalpet was expanded to its full capacity of 62400 spindles by June 2008, and resultantly, all the projects were almost completed during the year 2009. Later on, the Company implemented the remaining project in respect of modernization, upgradation, and marginal expansion plans at Kanjikode Unit and addition of balancing equipment to enhance the output at Ponneri Unit at a project costing Rs.42.41 crores as on 31st March, 2015.