1980 - The Company was incorporated as Modern Threads (India)
(MTIL) a Public Limited Company on 28th August. The Company
jointly promoted by the Rajasthan State Industrial Development
Investment Corporation, Ltd. (RIICO) and Shri H.S. Ranka.
Company Manufacture industrial yarn and sewing thread.
1981 - The company envisaged to expand its spindleage by 12,436
1982 - 70 shares taken by subscribers to the Memorandum of
7,54,000 shares allotted to RIICO and 5,26,930 taken up by
Ranka, his friends etc. 12,30,000 shares offered to the public
1983 - The Company added additional capacity of 4,760 spindles. To
overcome the power shortage, one more diesel generating set
350 KVA was installed.
- With a view to diversifying part of its capacity towards
of man-made fibres, the Company undertook to set up a
and diversification scheme. This scheme was implemented
1986 - With a view to manufacture synthetic dyed and fancy yarns,
Company undertook a scheme.
1987 - The Company decided to completely switch over from cotton to
synthetic spinning to arrest mounting losses in cotton
1988 - In order to improve the quality of synthetic blended yarn for
export, the Company installed sophisticated machines.
- The Company had set up a new 100% EOU consisting of 6,720
spindles at its existing site at Raila for the manufacture of
synthetic blended yarn.
1991 - During August, the Company offered 2,51,000-14% fully
debentures of Rs 150 each as rights in proportion 1 equity :
debenture. Only 1,76,252 debentures taken up. The balance
74,748 debentures, along with permitted retention of 37,650
debentures were allotted privately.
- Another 12,500-14% fully convertible debentures were offered
employees, etc. but none were taken. All this employees
was allowed to lapse. Each debentures of the face value of
150 was to be fully converted into 10 equity shares of Rs 10
at a premium of Rs 5 per share on 21.4.1992.
1992 - 2,886,500 No. of equity shares allotted on conversion of
1994 - The Company undertook modernisation cum expansion scheme in
division for setting up a new unit under EPCG scheme for an
installed capacity of 25,344 spindles and to increase the
existing installed capacity from 23,888 spindles to 25,808
spindles alongwith modernisation of the existing unit for
manufacture of synthetic blended grey, dyed and fancy yarns.
- 99,35,760 No. of equity shares allotted (prem. Rs 30 per
on right basis in prop. 2:5, 1,94,42,900 No. of Equity shares
allotted (prem. of Rs 25 per share) to Modern Woollen Ltd.,
Suneel Textile Mills Ltd. on amalgamation as per order of
Rajasthan High Court.
1995 - The Company was in the process of setting up a fully
and international size project to manufacture 170,000 TPA of
Paraxylene (PX) and 2,50,000 TPA of Purified Terephthalic
in technical collaboration of the world renowned UOP Inter
Americana of U.S.A. for PX and INCA International, a
of DOW chemicals, U.S.A. for PTA.
- Authorised Capital increased. 8,00,000-16% Pref. shares of
100 each allotted through private placement.
1996 - PX & PTA project could not be implemented due to lack of