Beyond Textiles

Beyond Textiles Hansavivek RELIANCE TEXTILE INDUSTRIES continues to forge ahead on the path of diversification of its activities. It has already secured government clearances for the polyester staple fibre (PSF), purified terephthalic acid (PTA), mono ethylene glycol (MEG) and linear alkyl benzene (LAB) projects. With the available expertise in terms of manpower, the potential of the company has been greatly improved to surpass its own' track record in speedily implementing various projects involving an outlay of Rs 674 crore. The company has already negotiated foreign exchange requirements equivalent to Rs 252 crore. It has also reinforced its financial strength by a scheme of extinguishment of debentures of series I, II , III and IV. Of the total outstanding debt of Rs 73.50 crore in the form of these debentures, a sum of Rs 71.63 crore has been extinguished and equity shares in the ratio of 1.4 for every Rs 100 outstanding have been issued in terms of permission received from the Controller of Capital Issues. In order to facilitate the process, the company embarked on an innovative scheme by opening 50 centres ail over the country for the purpose of receiving extinguishment letters as well as fdr the delivery of share/debenture certificates and for rendering prompt and personalised services. The shareholders and debentureholders greatly lauded the company's efforts for alleviating their difficulties. The company issued new 'E' series non-convertible debentures of Rs 150 each of the aggregate face value of Rs 80 crore which was fully subscribed. The company has announced issue of further non-convertible secured debentures of Rs 100 each of the aggregate face value of Rs 100 crore to finance, inter alia, projects relating to polyester yarn/fibre. The formal take-over of the assets of the Chemicals and Plastics division of Union Carbide India at Chembur in Bombay is expected to be completed in the coming weeks. The company proposes to modernise this unit with the latest technology to attain optimum results in terms of turnover and profitability.