Company History: Abhishek Industries Limited was incorporated on april 18 1990 in the state of Punjab. In 1992 the company started implemeting its yarn spinning project in joint sector with PSIDC to set up facilities for manufacturing cotton yarn with an installed capacity of 24 960 spindles. Subsequently the capacity was enhanced to 32 400 spindles. In the year 1998 PSIDC and the company decided to set up another unit of 43 392 spindles at a capital outlay of Rs. 9500 lacs out of which 36 288 spindles started commercial production from July 01 1999. Abhishek Spinfab Corporation Limited having facilities for processing of 4767 tpa of cotton yarn and manufacture of 3032 tpa of terry towel products was amalgamated with the company vide High Court order dated May 13 1999. Further the company has expanded the terry towel capacity of Terry Towel Division from 3032 tpa to 7500 tpa during the year 2001 at a capital outlay of Rs. 6030 lacs.
Varinder Agro Chemicals Limited having facilities of producing 34 250 MTs of Paper and 1 00 000 MTs of Sulphuric Acid was amalgamated with the company vide High court order dated January 03 2002.
At present the company is operating in four main business segments viz. Yarns Terry Towels Paper and Chemicals and is having facilities for manufacture of yarn (76 560 spindles) processing of yarn (4767 tpa) manufacture of terry towels (100 looms) writing & printing paper (34250 tpa) and sulphuric acid (1 00 000 tpa) besides operating in Co-generation of Power and Soda Recovery.
To be globally competitive the company has taken initiatives to expand and optimize its existing capacities. The Company has undertaken an expansion project to increase the capacity of terry towel by 12 300 tpa with instalation of another 100 Looms for production of Dobby & Jacquard towels along with the requisite preparatory dyeing etc. at a capital outlay of Rs. 225 crores. The project shall be completed by March 31 2004
The company is presently exporting its products to over 34 countries across 5 continents. The export turnover amounts to about 50% of the total sales of the Company.
The company is one of the largest manufacturers of Terry Towels in India and has recently been awarded the prestigious "International supplier of the year - 2001" Award by Wal Mart the No. 1 Corporation in the World.
2002
-High court of Punjab and Haryana approved the merger of M/s Varinder Agro Chemicals Ltd.
-Appoints Mrs Madhu Gupta as the Managing Director of the company.
-Nominates Mr Pawan Jain as the Company Secretary and Compliance Officer.
-PSIDC withdraws the nomination of Mr R K Bhandari on the Board of the company.
2003
-Appoints Mr Rajiv Dewan as the Additional Director of the company.
-Ties up with Apollo Health and Lifestyle Ltd to implement and operate "The Apollo Clinic".
-Incorporates a 100% wholly owned subsidiary 'Abhishek Industries Inc' in USA and invests USD 25000 against subscription of 25000 shares of USD 1 each.
-Board approves for the following:Delisting of equity shares from Ahmedabad Delhi Ludiana Stock Exchanges.Increase in Authorised capital to Rs.3000 million.Increase in Borrowings power of BOD upto Rs.10000 million.Creation of charge on term loans.
-Mrs Madhu Gupta resigns as the Director on the Board of the company.
-The shareholders have approved reclassification of Authorised Share Capital of the company to be divided into equity shares of Rs 2500 million and preference shares of Rs 500 million aggregating to Rs 3000 million.
2004
-Abhishek Industries Limited has informed that pursuant to the application of delistment filed by the Company The Delhi Stock Exchange Association Limited has approved the delisting of the equity shares of the Company wef January 23 2004.
-Abhishek Industries Ltd has received the prestigious 'Supplier of the Year 2003' Award from Wal Mart USA.
