Indian Acrylics Ltd Company Summary

Indian Acrylics Ltd Summary

Incorporated in Feb.86, Indian Acrylics Ltd was originally formed as a joint sector project by R K Garg and the Punjab State Industrial Development Corporation. The Company is a leading manufacturer of Acrylic Fiber, Acrylic Tow and wide range of Acrylic yarn. It has a technical collaboration with E I DuPont de Nemours & Company, US. In 1995-96, the company increased the capacity of acrylic fibre by 6000 tpa. In 1996-97, company has increased the installed capacity of acrylic fibre by 5000 tpa. The company has increased subscribed capital by 5.00 crores, and has issued for cash at par, to the promoters, as stipulated by the financial institutions and approved in the meeting held on 17/03/97. In 1997-98, it increased the installed capacity to 25,000 MT.During the year 1999-2000, due to significant export performance the Government of India has imposed anti-dumping duty from Japan, Spain, Italy, Portugal, Korea, USA, Thailand, Mexico, Germany and Turkey.The company has established a Research Development Centre and has been making continuous efforts in developing new fibres in micro-deniers. The company has introduced 0.9 denier fibre for the first time in the world,during 2000-01.The company has remained the largest Acrylic Fibre manufacturer in the country during the year 2000-01.The company has received Export Award from Government of India for its best Export performance in Acrylic Staple Fibre for the year 2003-04,for the third consecutive year.The company launched dyed as well as bright tops of high shrink variety in 2004. It completed first phase of Debottlenecking the project to enhance the capacity of plant to 42000 TPA during 2005. In 2005-06, the Company promoted Indilun Acrylics Shanghai Company Ltd.- a Wholly owned subsidiary incorporated in China to boost exports/ exports realization by warehousing in China, to reduce delivery time, to tap small customers and export of dyed and grey tops. The work on start up of high-pressure boilers to generate low cost steam and on setting up of 8 MW power plants was completed and both units were made functional in 2006-07. After successful commissioning of 8MW Turbine, based on biomass, export of surplus power to PSEB also commenced.The Company further started work on installation of 9500 worsted spindles for spinning of acrylic yarn at an estimated cost of Rs. 35.40 crore in 2013-14. Out of this, work on 6600 Spindles was completed and production started in 2014-15.