GTN INDUSTRIES LTD.

GTN Industries Ltd, formerly known as GTN Textiles Ltd, was established in 1962. In 1966, the current promoters acquired GTN Textiles, which is the flagship of the GTN Patodia group and holds several notable distinctions. It was the pioneer in exporting cotton yarn from India to Japan and Italy. The company operates production facilities in Telangana and Maharashtra, primarily focusing on spinning and doubling of yarn. Despite not being an EOU, in 1992, it exported nearly all of its production. Over the years, the company expanded its spindleage significantly, with the plant in Alwaye, Kerala, seeing an increase in capacity from 12,000 to 38,600 spindles, totaling 60,340 spindles across the company. In January 1993, GTNTL issued its maiden public offering to upgrade existing plants, fulfill long-term working capital needs, and invest in Patspin India Ltd, a newly established group company. Recognized as a government-export house and a star exporter, GTNTL merged with Perfect Spinners in April 1994 and launched an expansion and modernization program across its units. Subsidiaries like GTN Exports and Packworth Udyog were established. In 2000-2001, the company raised a term loan under the Technology Upgradation Fund Scheme to enhance capacity and modernize machinery. It also embarked on TUF-II scheme to produce Compact Spun Yarns and upgrade production technology. The company's strategic focus includes product diversification, strategic marketing, and cost control measures. In December 2005, GTNTL decided to demerge its Aluva Unit and assets in Patspin India Ltd, Mumbai, Kolkata, and Coimbatore to GTN Industries Ltd, where shareholders received equity shares in GTN Industries for each held in the company. Following shareholder and court approvals, certain businesses were transferred to GTN Industries Limited, including spinning units, investments in Patspin India Limited, and other assets, effectively changing the company's name to GTN Industries Limited. Post-demerger, the company operates two spinning units in Nagpur and Medak with a combined capacity of 70,336 spindles, a yarn processing unit in Shadnagar, and a yarn doubling unit in Medak. While classified as a potentially sick company in 2015-2016, the company's status under SICA, 1985 has been withdrawn.