Hindoostan Spinning and Weaving Mills Ltd merged Company Summary

Hindoostan Spinning and Weaving Mills Ltd merged Summary

Incorporated in 1882 as The Indian Manufacturing Company, Hindoostan Spinning and Weaving Mills (HSWML) acquired its present name in May 70. The company belongs to the Thackersey group, which also includes the Sirdar Carbonic Gas Company. It is managed by Chairman-cum-Managing director Sudhir K Thackersey. In May 93, it came out with a rights issue to part-finance its expansion programme. The company manufactures cotton and blended yarn, cotton and blended fabrics and processes cloth. HSWML has a wide range of sarees, dress materials, shirtings, sheeting and fabric which are marketed under the brand name Thackersey Fabrics. The company has a sizeable export turnover and mainly exports to Europe and west Asia. It has initiated a 100% EOU at Karad. It has entered into a financial agreement with its wholly-owned subsidiary in the UK, South Central Products, to market its products and those of the other textile mills too. HSWML owns three subsidiaries, Makarand Investments, Satark Investments, and South Central Products. The installed capacity of spindles was installed in 96-97.The Company invested around 20 crores in the mills of Mumbai to improve the product-mix and on marginal expansion at karad and Industrial Development Bank of India has approved this project. In the year 1999, the Karad unit has been debonded due to the introduction of DEPB (Duty Entitlement Pass Book) and hence its fabrics lost its competitiveness in exports and diverted to the local markets. During 1999, the company came out with a Rights issue of 1:1 which was fully subscribed.The company has been made a reference to BIFR as accumulated losses have exceeded the Net-worth.