Welspun India

YEAR                       EVENTS
 1985 - Welspun (I) Limited was incorporated on 17th January, as a
        Private Limited Company in the name and style of Welspun
 Winilon
        Silk Mills Pvt. Ltd. at Mumbai.  The Main Object of the
 Company
        is to manufacture Polyester filament yarns and texturised
 yarns. 
        The Company was promoted by G.R.G. group headed by G.R.
 Goenka.
 
 1986 - It has established yarn texturising unit at Palghar, District
        Thane with one texturising machine of 216 spindles for
 producing
        797.5 MT yarns per annum.
 
 1989 - In March, another texturising unit of the same capacity was
 set
        up at Silvassa.
 
 1990 - A modern polyester filament flat yarn manufacturing unit was
 set
        up at Achhad, District Thane, with a capacity of 605 MT per
        annum.
 
 1991 - The capacity of company increased from 2,200 MT to 3,500 MT
 per
        annum.
 
      - 18,00,000 shares issued (prem. Rs 5 per share) out of which
        90,000 shares reserved and allotted to employees on 17,10,000
        shares offered to the public in October, 1991.  Additional
        2,70,000 shares were allotted to retain oversubscription 
        (2,56,500 shares to the public and 13,500 shares to the
        employees).
 
 1993 - The Company undertook to set up a cotton spinning project
 with
        15,000 spindles at Village Morai, near Vapi, Gujarat for
        manufacture of terry towels.
 
      - The company also proposed to set up a POY project with a
 capacity
        of 15,000 MTPA at Silvassa, Dadra, Nagar Haveli.
 
      - The Company issued equity shares of Rs 10 each at a premium of
 Rs
        40 per share as follows:
 
      - (i) 49,05,000 shares to shareholders on rights basis in the
 ratio
        of 3:2;
 
      - (ii) 5,20,000 shares to Mutual Funds and Banks (only 2,24,999
        shares were taken up) and
 
      - (iii) 2,60,000 shares to the employees (only 1099 shares were
        taken up);
 
      - (iv) 10,00,000 shares to promoters (all were taken up);
 
      - (v) 34,20,000 shares to Indian public and NRI through
 prospectus
        (45,60,706 and 1,46,119 shares allotted to public and NRI
        respectively.
 
 1994 - The company expanded the terry towel production capacity from
        3100 MTPA to 5200 MTPA.  The Company has already commissioned
        power generating sets for 4.10 MW.  Moreover, it was setting
 up
        power generating sets to generate 40 MW of power for capitive
        consumption by terry towel and cotton spinning units.
 
      - The company was setting speciality polyester filament yarn
        project with a capacity of 14500 MTPA p.a. alongwith 5 nos.
 of
        texturising machines with an installed capacity of 4000 MTPA
 at
        Silvassa.  For this project, the company acquired
        state-of-the-art plant from Rieter automatic GMBH, Germany.
 
      - In order to part finance the aforesaid expansion and
        diversification, the company proposed to issue equity shares
 of
        Rs 10 each for cash at a premium of Rs 50 per share.
 
      - 101,05,000 shares issued on rights cum public issue.
 
 1995 - 21,584 spindles and 240 rotors were added to the cotton
 spinning
        division.
 
      - The name of the Company was changed from Welspun Polyesters
        (India) Ltd. to Welspun India Ltd. w.e.f. 12th October.
 
      - 7,50,000 Pref. shares issued during the year.
 
 1996 - The polyester yarn division of the company at Silvassa was
 leased
        to M/s. Welspun Syntex Ltd. to concentrate on natural fibre
 and
        related business.
 
      - The Company decided to add 36 electronic Jacquard looms
        considering demand for superior quality towels like Jacquard.
 
      - The Company proposed to establish a 100% EOU for manufacturing
 
        terry towels for exports at Vapi, Gujarat as a measure of
        diversification.
 
      - The Company entered into a joint venture agreement with
 Vincenzo
        Zucchi SPA, Italy for the manufacture of Terry Bathrobes and
        Terry made-ups at its 100% EOU plant in Vapi Gujarat.
 
 2000 - The Company has informed that, a wholly-owned subsidiary in
 the name of
               Welspun USA Inc.  has been incorporated in the USA.
 
           - The Company demerger for hiving off of the company's
 cotton yarn unit into a 
              separate company and compromise with the lenders of the
 company.
 
 2001 - Demerger of the spinning division of the company into a
 separate company viz. 
              Welspun Cotton Yarn Ltd.
 
           - Credit Rating and Information Services of India Ltd. has
 downgraded its rating in
              respect of the company's NCDs from `B' to `D'.
 
 
 
 2004
 
 -Welspun India bags International vendor of the year award from
 WAL-MART
 
 -Welspun India wins operational excellence award for 2003
 
 -Welspun India appoints Angshuman Singh as CEO
 
 2005
 
 - Delists equity shares of the Company from The Stock Exchange
 Ahmedabad (ASE) with effect from January 28, 2005.
 
 2006
 
 -Welspun India Ltd has appointed Ms Revathy Ashok as an Additional
 Director of the Company.