Arvind History | Arvind Information - The Economic Times (2023)

1931 - The company was incorporated on 12th December, in Ahmedabad. The

company manufactures cotton textiles. Products manufactured are

dhoties, sarees, mulls, dorias, crepes, shirtings, coatings,

printed lawns & voiles cambrics, twills gaberdine etc. count

ranging from 20's to 120s are spun & the cloth width ranges from

28" to 54".

1962 - The Company entered into an agreement with Tootal Broadhurst Lee

Co. Ltd., of Manchester for the know-how and treatment of fabrics

for crease resistance, smooth drying, etc., bearing trade marks

`Tebilised Double Tested'.

1979 - Ahmedabad Laxmi Cotton Mills, Co., Ltd. was amalgamated with the

Company in April.

1981 - The Company signed an agreement with Gaskiya Textile Mills Ltd.,

Nigeria for providing technical and managerial services for a

period of five years. The Nigerian company undertook to set up a

composite textile mill having 23,976 spindles and 174 Sulzer

looms.

1983 - Generating set of 865 KVA was added and order was placed for

another generating set of 1100 KVA.

- The Company started providing technical and managerial services

to Gaskiya Textile Mills Ltd., Nigeria from May.

1987 - The Company took up a modernisation programme to triple the

production of denim cloth and to produce double yarn fabrics for

exports.

- As per the directive of the High Court of Gujarat on 30th March,

the cumulative preference shares of the Company were cancelled

and debentures were issued.

- 5,250-15% preference shares of Rs 100 each were converted into

13% non-convertible redeemable debentures of the face value of Rs

100 each of the aggregate value of Rs 4.81 lakhs.

- 15,750-4.5% preference shares (including redeemable preference

shares) were converted into 12.5% non-convertible redeemable

debentures of the face value of Rs 100 each of the aggregate

value of Rs 13.13 lakhs.

1988 - The new product groups identified were the Indigo dyed blue

denim, high quality two-ply fabrics for exports, and special

products such as butta sarees, full voils and dhoties.

- During the year, the Company entered the field of

telecommunication and consumer electronics business.

- An agreement was entered into with NCL for marketing of the

EPABX system to be produced by the Company.

- The Company undertook to further expand the capacity to produce

denim at the rate of 60,000 metres per day. These new production

facilities for this product were formed as an export oriented

unit under the name ARVIND EXPORTS.

- The Company proposed to undertake projects: (i) The Video

Magnetic Tape conforming to VHS standards. (ii) Manufacture of

artificial leather cloth and coated fabric of premium quality.

(iii) Manufacture of worsted woollen yarn and suitings, the

Company obtained a letter of intent for the manufacture of this.

(iv) The Company proposed to produce and market, ready made

garments.

- 28,00,000 No. of equity shares issued as rights in June-July,

(prem. Rs 10 per share Prop. 7:10). Only 17,53,800 shares taken

up. The balance 10,46,200 shares, along with 2,78,300 shares out

of retainable excess subscription of 2,80,000 shares, were

allotted privately. Another 1,40,000 shares offered to employees

(prem. Rs 10 per share). Only 55,700 share taken up. The

balance 84,300 shares were allowed to lapse.

1989 - An agreement was signed with Victor Company of Japan Ltd. (PVC)

to get technical assistance and licence for the production and

marketing of video cassettes.

- With the issue of convertible debentures in August, the Company

also issued 5,00,000-14% secured non-convertible debentures of

the face value of Rs 100 each on rights basis in the proportion 1

debenture: 14 No. of equity shares. Only 1,40,868 debentures

taken up. The Balance 3,59,132 debentures were allotted

privately (2,60,000 debentures to Vijaya Bank, 73,132 debentures

to UCO Bank 50,000 debentures to ICICI and 3,60,000 debentures to

LIC.) The debentures shall be redeemed at the end of 7 years

from the date of allotment at a premium of Rs 5 per debenture.

- During August, the Company issued 14,43,750-12.5% secured fully

convertible debentures of Rs 120 each of which 5,94,500

debentures were offered on rights basis in the proportion 1

debentures: 12 equity shares and 29,725 debentures to

employees/workers of the Company on an equitable basis.

- Of the balance 8,19,525 debentures, the following debentures were

reserved for allotment on a preferential basis: (i) 80,000

debentures to LIC, GIC and UTI, (ii) 1,25,000 debentures to ICICI

(iii) 40,000 debentures to HDFC, (iv) 40,975 debentures to

employees/workers of the Company and (v) 1,00,000 debentures to

NRIs on repatriation basis. The remaining 4,33,550 debentures

were issued to the public.

- The following debentures were allotted: (i) 6,83,675 debentures

as rights to equity shareholders; (ii) 5,90,160 debentures to the

public; (iii) 2,45,000 debentures to financial institutions

(1,25,000 debentures to ICICI, 80,000 debentures to LIC, GIC &

UTI, and 40,000 debentures to HDFC); (iv) 1,07,190 debentures to

NRIs and (v) 930 debentures to employees of the Company.

- Rs 40 (Part-A) of the face value of each debenture was

automatically and compulsorily converted into 2 equity shares of

Rs 10 each at a premium of Rs 10 per share at the end of 6 months

from the date of allotment of debentures.

- The remaining Rs 80 (Part-B) of the face value of each debenture

was also automatically and compulsorily converted into 2 equity

shares of Rs 10 each at a premium of Rs 30 per share at the end

of the second year from the date of allotment of the debentures.

1990 - The Electronics Division developed a 8040 EPABX system which was

undergoing prototype checks.

- After receiving the approvals of the High Court of Gujarat, the

management of the Nagri Mills Co. Ltd. was taken over by the

Company from October.

- It was proposed to modernise the existing installed capacity of

36,960 spindle and instal a denim plant to produce denim cloth

at the rate of 23,000 metres per day.

- The Asoka Mills, Ltd., a member of the Lalbhai Group, became a

sick unit and a revival scheme was presented to BIFR. As per the

scheme, the Company consented to act as a new promoter of The

Asoka Mills, Ltd.

1991 - The Company proposed to set up a new composite mill with a

capacity of 25,000 ring spindles, 60 airjet looms and with a

modern process house to produce, both for the domestic and

international markets, classical oxfords, gabardines and

tussores.

- The Company issued 65,44,384-12.5% secured redeemable partly

convertible debentures of Rs 140/- each.

- Out of the issue 62,32,746 debentures were offered on rights

basis to the existing equity shareholders in the ratio of 6

debentures for every 10 equity shares held. Additional 9,34,928

debentures were allotted to retain oversubscription.

- The balance 3,11,638 debentures were offered to employees/workers

of the Company (all were taken up). During August, 1894 part A

debenture and 913 part B debentures were forfeited.

- As per the terms of issue, part-A of Rs 105/- of each debentures

was to be converted into three equity shares of Rs 10 each at a

premium of Rs 25/- per share at the end of 15 months from the

date of allotment.

- The balance amount, i.e. part-B of Rs 35/- of each debentures,

was to be redeemed at par at the end of seventh, eighth and

nineth year from the date of allotment in three instalments of

Rs 12/-, Rs 12/- and Rs 11/- respectively.

1992 - The Company increased the production of denim cloth by 23,000

tonnes per day by modernising the plant located at Khatraj of

Ankur Textiles.

- The International Finance Corporation, Washington (IFC) approved

the proposal made by the Company for an investment of US $ 18

million comprising of a loan of US $9 million and subscription to

42,50,000 No. of equity shares of the Company at a price of Rs 55

per share.

- During October, the Company offered 40,32,976 zero interest

secured fully convertible debentures of Rs 800 each to its

shareholders on rights basis in the proportion of 1 debenture: 10

equity shares held/all were taken up).

- Another 2,01,649 debentures were offered to the employees on an

equitable basis (all were taken up). 11,718 debentures were

forfeited.

- Part A of Rs 260 of each debenture will be converted into 4

equity shares of Rs 10 each at a premium of Rs 55 per share on

1st April, 1993. Accordingly 168,91,628 No. of equity shares

allotted. Part B of Rs 540 of each debenture will be converted

into 6 equity shares of Rs 10 each at a premium of Rs 80 per

share on 1st April, 1994.

1993 - The Company proposed to expand the denim manufacturing capacity

by 85,00,00 metres per annum. The Company also proposed to set

up a new composite mill for producing annually 120 lakh metres of

high quality shirting fabrics to be marketed in the domestic as

well as international markets.

- The Company entered into an agreement with Lanffenmuhle of

Germany, for acquiring technical knowhow to manufacture high

quality denim.

- During September, the Company issued 4,03,298 zero interest

secured fully convertible debentures of Rs 950 each to corporate

bodies, etc. on private placement basis.

- Part-A of Rs 320 of each debenture will be converted into 4

equity shares of Rs 10 each at a premium of Rs 70 per share on

1.4.1994. Part-B of Rs 630 of each debenture will be converted

into 6 equity shares of Rs 10 each at a premium of Rs 95 per

share on 28.2.1995.

- The Company issued 1,27,81,186 No. of equity shares of Rs 10 each

at price per share of US $ 9.78 equivalent to Rs 305.33 in the

form of GDR in the international market aggregating upto US $125

million.

1994 - The Company's operations were divided into 3 units viz., Textile

Division, telecom division and garments division. The Textile

Division undertook to upgrade its products international parties.

The telecom division developed an innovative commercial offer for

marketing its C-DO RAX equipment. The Garment Division marketed

jeans under the brand name `Flying Machine'. The Garment

division proposed to market its jeans under the brand name

`Newport' in North India.

- The Company, Arvind Products Ltd. and Essar Investments Ltd.

jointly presented to BIFR arrangement for amalgamation of

Ahmedabad Manufacturing Calico Pringing Co. Ltd., (Calico & Dla

Ltd. a wholly owned subsidiary of Calico Ltd.) with Arvind Mills

Ltd.

1995 - The performance of textile division was significantly affected

due to an unprecedented rise in cost of cotton.

- Garment division launched ready to stitch jeans pack under the

brand `Ruf & Tuf'.

- The company proposed to expand denim fabric capacity from 800

lakh meters to 1200 lakh meters per annum. Also proposed to

establish a project to manufacture 3600 tonnes per annum knitted

fabrics in technical collaboration with `Alamac' a division of

West Point Stevens, Inc., U.S.A.

- By the order of BIFR dated 23rd June, the scheme of amalgamation

of Asoka Mills Ltd. with the Company was sanctioned effective 1st

April 1994.

- As per the scheme of amalgamation, the Company was to issue

3,68,284 No. of equity shares of Rs 10 each to erstwhile

shareholders Asoka Mills Ltd. (AML) in proportion 1:3 for the

shares held in AML.

1996 - The Company prepared a scheme of arrangement with the creditors

of Nagri Mills Co., Ltd. with a view to revive and rehabilitate

the unit of that company and to take over its management and

control by investments in its share capital.

- Rohit Mills Ltd. was merged with the Company under a scheme

approved by BIFR. Directors are also considering the proposal to

merge Arvind Intex Ltd. (AIL) engaged in the cotton spinning

activities with the company.

- Arvind Clothing Ltd., Arvind Fashions Ltd., Asman Investments

Ltd., Arvind Products Ltd., Admirial Investments Ltd., Kailash

Industries Ltd., Arvind Worldwide Inc., Arvind Worldwide (M)

Inc., Arvind Overseas (M) Ltd., Big Mill Laufenmuhle GmbH are

subsidiaries of the Company.

- The Company undertook to set up Arvind Cotspin Ltd., an export

oriented unit for manufacture of high quality cotton yarn, at

Kolhapur, Maharashtra. The plant was to be equipped with the

state-of-the-art machinery manufactured by Rieters of Switzerland

and Lakshmi-Reiters in India.

- 6,91,510 shares issued to the members of Rohit Mills Ltd., on its

merger with the Company.

1997 - The marketing and distribution network of "Newport" brand was

strenthened and the relaunched `Flying Machine/Ruggers' brand

were strengthened.

- The Company reported a fire in the goods godown & folding packing

department in Naroda road unit of the company.

- 38,50,000 redeemable pref. shares allotted on private placement

basis to institutional investors.

- Arvind Mills Ltd. has set up the anti-piracy cell for the first

time in India to curb large scale counterfeiting of their highly

successful brands Ruf and Tuf and New Port jeans.

- Arvind Mills Ltd, which has a exclusive technical collaboration

with Virkler of US, is all set to revolutionalise the denim

market, with the introduction of Speed Wash technology. The

company is also in the process of launching Speed Wash denim in

Mumbai and Delhi.

- Arvind Mills Ltd. has adopted the franchisee system for the

manufacture and distribution of Ruf and Tuf jeans.

- India's largest denim manufacturer, Arvind Mills Ltd, on

21.8.97 ruled out plans to merge with Arvind Polycot, another

unit of the parent Lalbhai Group of companies.

- Arvind Fashions Ltd., a 100 per cent subsidiary of Arvind

Mills, which has set up a state-of-the-art manufacturing

facility in Bangalore to produce Lee jeans, is doubling its

capacity to one million pairs from five lakh pairs annually

beginning mid next year.

- Wrinkle-free or No-Iron Cotton (NIC) shirts in 100 per cent

cotton will be launched by Arvind under the Arrow brand.

- Arvind Mills is setting up a new textile facility for the

manufacture of shirting, knit fabric and cotton bottom-weight

fabric with an investment of $300 million.

- WestPoint Stevens Inc. and Arvind Mills of Ahmedabad, India,

have entered into an agreement where the former will provide

the latter with technical assistance and marketing expertise.

- The garment business division of Arvind Mills launched `Rugger'

casualwear and `New port' gaberdine jeans.

- The 26 MW captive power project set up by Arvind Mills Limited

has run into problems with the environmental committee set up

by the Gujarat government.

- The rating assigned to the bonds programme of Gujarat Industrial

Investment Corporation Ltd. (GIIC) has been downgraded from A to

BBB- by the Credit Rating Information Services Of India Ltd.

(Crisil).

- Crisil has also downgraded the fixed deposit (FD) programme of

GKW Ltd. from FB to FC and the non-convertible debenture (NCD)

and commercial paper programme of Arvind Mills Ltd to BBB+ and

P2 from AA- and P1+, respectively.

- The company has entered into a technical collaboration with

Alamac Knits Inc, a subsidiary of West Point Stevens of USA, for

the knits unit.

1998 - Arvind Mills, established in 1931 as a textile company, has

emerged as the world's third largest manufacturer of denim.

- Production of denim fabric at one of the units located at

Arvind Mills Naroda Road factory at Ahmedabad, which was

affected by a fire on January 27, has been restored to its

normal capacity.

- Arvind Mills Ltd. will be launching youth and kids range of

garments in Lee and kids range in Ruggers this calendar year.

- Arvind Mills, the leading textile manufacturing company of the

country and the third largest Denim producer in the world, went

live with SAP R/3 in April 1998 in their new manufacturing units

in just 7 months.

- The company has two brands in its wholly owned subsidiaries Arrow

(premium segment shirt brand) and Lee (premium segment jeans

brand).

1999 - Textiles major Arvind Mills is spinning off its textile brands

and garments business into a separate company and is looking

for private equity investors to take a significant stake in the

garment company.

- The US-based Clue Peabody & Company, the owners of Arrow brand

have extended the Arrow trademark agreement for another five

years with Arvind Clothing Ltd, part of the Arvind Mills Ltd.

(AML).

- The company has been experiencing extremely encouraging response

for the Arrow and Lee brands, while the threat from the

unorganised sector continues to dog the popular segment brands

Newport and Ruf & Tuf.

- Arvind Mills has set a two-month deadline for hiving off its

garments division into a separate company and sale of its real

estate in Delhi.

2000 - Crisil has downgraded the debenture issues of Arvind Mills Ltd. indicating

that the instruments were in default.

- Arvind Cloth Ltd, a wholly-owned subsidiary of Arvind Mills Ltd, has launched

special shirts to mark the 150th international anniversary celebration of the

`Arrow' brand.

2001 - Arvind Mills which defaulted on a $125 million floating rate note issue, has put forward a debt restructuring proposal that could significantly reduce its debt burden and sharply improve its financial health.

- Shareholders of Arvind Mills has approved the firm's proposal to come out with a rights issue of equity shares worth Rs 75.41 crore as well as the issue of warrants to lenders.

- Dupont India Ltd has chosen Arvind Mills Ltd (AML) as an accredited mill for its Lycra Assured Programme.

- Arvind Mills has posted a net loss of Rs 44.59 crore for the quarter ended September 30, 2001.

2002

-Arvind Mills Ltd has informed BSE that Mr. Balaji Swaminathan of ICICI Bank Ltd., and Mr. S. Sridhar of Export-Import Bank of India (EXIM) has been appointed as a Nominee Directors on company's Board.

-Arvind Mills Ltd has informed BSE that at the board meeting of the company held on November 20, 2002, the following changes in the Company's Board of Directors have been considered.

1. The following directors have resigned

Dr Prabodh M Desai

Mr J C Shah

Mr Shailen H Desai

Mr J P Shah

Mr V L Mote

Mr Naishadh I Parikh

2. The following have been appointed as Directors on the Board of Directors

Mr Jayesh K Shah

Mr Deepak M Satwalekar

Mrs Rama Bijapurkar

Mr Jaitirth Rao

3. Mr Arvind N Lalbhai, Chairman and Managing Director of the company has resigned from the position of Managing Director but will continue as Director and Chairman of the Board of Directors of the Company.

4. Mr Jayesh K Shah has been appointed as a Wholetime Director on the Board of Directors of the company with his designation as Director and Chief Financial Officer.

2003

-For the fourth quarter, Arvind Mills has witnessed 280% growth in the net profit to Rs.38crs

as against Rs.10cr for the corresponding period last year.

-Arvind Mills Ltd has been assigned a 'P1+' rating by Crisil, which indicates a very strong

rating for their commercial paper.

-The Union Government refused to grant tax concession applicable under Indo-Mauritius

Double Tax Avoidance Agreement to the Arvind Mill's plan to form JV with Ganesh Ltd.

-ICICI Bank, one the warrant holder of Arvind Mills have executed its entitlement of its conversion

of its warrants into its equity shares.

-Arvind Mills Ltd informed its members that trading in Secured Redeemable Non convertible

Triple plus debentures of Rs.1000 each series N3 has been suspended.

-Mr.Ramnik V Bhimani, Company Secretary has been appointed as the Compliance Officer

of Arvind Mills Ltd.

-ICICI Emerging Sector, the private equity arm of ICICI Bank, has acquired a 54 per cent stake in the Bangalore-based Arvind Brands, the apparel arm of the Sanjay Lalbhai-promoted Arvind Mills,

-Arvind Mills Ltd has informed that they have acquired 12,61,233 shares amounting to 1.56% of the total paid up capital of Arvind Products Limited.

2004

-Delist from Delhi Stock Exchange (DSE) with effect from September 2, 2004

2007

-Arvind Mills Ltd has appointed Mr. G M Yadwadkar, General Manager, IDBI, Ahmedabad as their Nominee Director on the Board of the Company in place of Mr. V K Pandit w.e.f. October 25, 2007.

2008

-Arvind Mills Ltd has informed that the name of the Company has been changed from "The

Arvind Mills Ltd" to "Arvind Ltd" and a fresh Certificate of Incorporation has been issued by The Registrar of Companies, Gujarat, Ahmedabad.

-Members of are hereby informed that the name of Arvind Mills Ltd shall be changed to Arvind Limited and the trading symbol of the Company be changed from ARVINDMILL to ARVIND w.e.f. July 07, 2008.

2010

- Arvind Ltd has appointed Dr. Bakul H. Dholakia as an Additional Director on the Board of the Company.

2011

-Arvind Mills in tie-up with Birla Cellulose

- Arvind Mill - Tata Housing partners with Arvind Ltd

-Arvind Mill - Tommy Hilfiger Seeks to Accelerate India Expansion through Acquisition of Direct Interest in India Business

-Arvind Mills inks Joint Venture with PD Fiber Glass

2012

-Arvind Mill - Arvind Acquires Debenhams, Nautica and Next Business in India.

-Arvind Mill - Arvind to bring iconic Surfwear Brand Billabong to India

2013

-Arvind Lifestyle Brands Ltd enters into Licensing Agreement with Reliance Brands & Iconix Brand Group JV for Ed Hardy Brand in India.

-Arvind Enters Agreement for Licenses of Hanes and Wonderbra Trademarks in India and acquires Hanes Brands India Operations.

2014

-Arvind announces tie up with The Children's Place, America largest children's specialty retailer.

-Arvind Ltd Joins Indian Joint Venture with PVH Corp. for Operation of Calvin Klein Businesses in India.

-Arvind Ltd forays into E-commerce with custom clothing brand Creyate.

-Arvind ties up with Gap to bring Iconic American Retailer to India.

-Arvind Goodhill Suit Manufacturing launches formal suits.

-Arvind Ltd which is the largest cotton textiles manufacturer and exporter in India announced that it has opened its flagship The Arvind Store in Vadodara with an aim to expand its retail network.

2015

-Arvind marks its entry into the beauty and cosmetics segment: Partnership with world's leading beauty retailer Sephora

-Arvind receives national energy conservation award

2016

-Arvind Limited has launched India's first True Omni Channel Experience - NNNow.com.

2017

-Arvind signs MoU with KVIC for khadi certification.

-Arvind Ltd signs MoU the Gujarat government to set up a mega apparel park with an investment of Rs 300-crore in Dahegam in Ahmedabad district.