Incorporated on 27 Sep.'85 as a private limited company, Sharda Textile Mills India (STMIL) was converted into a public limited company on 3 Mar.'86. It was promoted by chairman and managing director Ramesh S Kagzi, S N Kagzi and K B Kagzi. Other group companies are Kagzi Holding and Trading Agencies Pvt Ltd, Supsonic Trading and Agencies Pvt Ltd, Shalimar Silk Mills Pvt Ltd, etc. STMIL came out with a Rs 6.83-cr public issue (premium: Rs 25) in Apr.'95 to part-finance the installation of rotary printing machines, flat bed printing machines, etc, at a project cost of Rs 14 cr.
The company manufactures textiles, processes art silk fabric, and processes and prints fabric. Its products include readymade garments, dyed fabric, etc. The company has ambitious expansion plans with a capital outlay of Rs 20 cr. The first phase involves modernisation and addition in printing operations at a project cost of Rs 14 cr. Under the modernisation scheme, the company will be installing the latest stenter machine for higher efficiency and cost reduction. Under the expansion programme, the company plans to increase its dyeing capacity from 300 lac mtr pa to 400 lac mtr pa. The second phase is for forward integration by setting up garment manufacturing facilities.
During the year 1997-98, the company was declared a sick company due to its complete erosion of networth.