Binny Ltd

Binny Limited was incorporated on June 30, 1969. The Company is primarily engaged in the business of Real Estate Development. Prior to this, it was into textiles, engineering, services, shipping, travel, etc. The major promoter of BL is the Rs 16-bln ETA-Ascon, Dubai, which is forging a major thrust on the export front as part of a restructuring plan designed to take over one of the oldest textile companies. The Dynamix group joined hands with BL in Sep.'94. The Dynamix group consists of Metro Shoes, ETA-Ascon, Conwood, Hiranandani Constructions and Indo-Saigon. BL was sanctioned a rehabilitation scheme by the BIFR in Aug.'94. The scheme envisages restructuring the company by hiving off its engineering division and process-house into two separate companies and modernising the textile division with labour rationalisation. As a part of the modernisation efforts of the B & C Mills at Perambur, the company already installed 120 Nos Rapier Looms and further imported 50 NosAir Jet Looms, 20 High Speed Card, 17000 spindles of Rieter Machines with Link Corners. Due to unprecedented rain in mid of June'96 the company suffered heavly on part of extensive damage to the plant & Machinery and substantial loss of stock of raw material, semi-finished and finished goods. Consequently the operation of the mills was suspended from June'96. The matter is still under dispute about re-opening of the mills. As a part of modernisation plan machinery consisting of 90 Nos. of Picanol PGW Rapier Shuttleless weaving machinery were installed. In 1999-2000, the company has received trophy for highest exports in the category of Non SSI for the year 98-99. The company has also received Safety Performance Recognition Certificate from BECHETEL INC for Dabhol Power Project Phase II. The Container Freight Station Division commenced its business operations on 24th May 2002. BIFR sanctioned a Rehabilitation Scheme on 22 October, 2003. As per Madras High Court Order dated August 07, 2008, the Company ceased to be a sick industrial undertaking effective 30.09.2003. During 2009-10, the Scheme of Arrangement for Demerger amongst the Company and S V Global Mill Limited and Binny Mills Limited was made effective from May 08, 2010. The Company's all assets and liabilities was demerged to S.V.Global Mill Limited and the Agencies and Services undertakings comprising all assets and liabilities demerged to Binny Mills Limited. In terms of the Said Scheme, for every Seven equity shares of Rs.5/- each of Binny Limited, the shareholders to received Seven equity shares of Rs.5/- each fully paid up of S.V.Global Mill Limited and One equity share of Rs.10/- each fully paid up of Binny Mills Limited in consideration of the demerger. The Company ceased the operation of Container Freight Station (CFS) with effect from May, 2012 and since then, has been carrying on the general warehousing operation in the said CFS land with about 120 godowns. The Board has approved in its Board Meeting held on 1st December, 2014 a proposal of the Company for developing an integrated township in the CFS land area of 63.89 acres, where the general warehousing activity was carried on. Consequently, the Company discontinued the general warehousing operation with effect from 1st January, 2015 and all the godowns have been completely vacated in the months of January/February 2015. Company is embarked upon development of a World-class Integrated Township on Joint Development Model, in its main land area of 63.89 acres (previously used for CFS operations) at Perambur. For the same, the Company has entered into a Joint Development Agreement (JDA) on 26.6.2015 on revenue sharing model with, M/s.SPR Construction Pvt. Ltd., Chennai.