NIRLON LTD

Nirlon Limited, a multi-product company was incorporated on 12 March, 1958. The Company is in the business of development and managing an Industrial Park. Nirlon Limited is the owner of NKP, an approx. 23 acre campus in Goregaon (East), Mumbai. NKP is an Industrial Park as per the Consolidated Foreign Direct Investment (FDI) Policy of the Government of India (GOI), and is an IT Park under the Government of Maharashtra's (GOM) Policy. The current FDI Policy of the GOI permits 100% FDI in Industrial Parks. A total of approx. 47.63 lakh sq. ft. of construction has been completed in NKP comprising Phases 1-5, corresponding to approx. 30.80 lakh sq. ft. of licensable area. The Company is making a real estate play and other business of the company includes manufacturing of industrial fabrics used in belting, tarpaulins, and grey textiles in India. It offers a range of wrap type, polyester reinforced V-belts, also engages in dipping tyrecord fabric and industrial fabric, as well as in the manufacture and job work of griege tyre cord and industrial fabric. It has a joint venture with Semperit A.G for produce synthetic and cotton fabric reinforced rubber conveyor belts. The manufacturing units of the Company are located in Mumbai, Thane and Raigad. Nylon Textile production was started by the company in the year 1962. On 13th March 1963, Nirlon's status was converted from private limited to a public limited company. Nylon Tyrecord and Nylon Polyester production of the company were started in 1971 and 1974 respectively. During the year 1978, Nirlon had diversified into manufacture of Industrial Rubber Belting products i.e. Conveyor Belts & V-Belts at a new location in Roha, District Raigad. The Company made major expansion of the Nylon Tyrecord facility at a Tarapur in the year 1984. After four years, in 1988 the company had registered with Board for Financial and Industrial Reconstruction (BIFR). The rehabilitation scheme was sanctioned in the year of 1993. During the year 1995, Nirlon had exits from Polyester Filament Yarn business. State-of-the-art spin draw technology plant for Tyrecord of the company was commissioned in the year of 1996. The year 1999 was notable one in the Nirlon's saga; the company made its entry into the Real Estate business and offered its idle/surplus/factory premises at its Goregaon complex to Leading Corporates. Modification to rehabilitation scheme was approved in the year of 1999. During the same year of 1999, the company came out from the Nylon Textile Filament Yarn business. In 2000, Nirlon had formed a Joint Venture (JV) company for its conveyor belting division having its manufacturing facility at Roha with a large, integrated, global player in belting production. Nylon Tyrecord division of the company obtained an ISO9002 accreditation from the Dutch Council for Certification in the same year of 2000. The factory building of the company areas of 350,000 sq.ft had licensed at Goregaon complex in the year of 2003. During the year 2004, the company had phased out the Tyrecord manufacturing facility at Goregaon. Additional building area of the company, which covers 150,000 sq.ft, was licensed at Goregaon in the year 2005. During the financial year of 2005-06, Nirlon had substantially completed its implementation of rehabilitation scheme. During the year 2006-07, BIFR had deregistered the company from the list of companies under Sick Industrial Companies, in view of this; the company is no longer a sick industrial unit under BIFR. In 2007-08, the company had commenced its development of IT Park at Goregaon. Nirlon has decided to phase out its V-Belt division in the financial year 2008-2009 and the assets of the division including fixed and net current assets will be monetized. The Company has scheduled to begin development and construction of a further two phases in NKP in 2009-2010, depending on the progress of Phase 1 and Phase 2 and also planned to complete the same in 2011-2012. This would create approximately 2.8 million sq. ft. built-up area at Goregaon. The civil construction for Phase 2 was completed by August 2009. In March 2009, the Company sold its 26% equity stake in its conveyor belting joint venture company, Sempertrans Nirlon Pvt. Ltd. (SNPL), for a net consideration of Rs.12 crore. The construction of Phase 1, i.e. Buildings Blocks B 1, 2 and 3 as well as the Multi Level Car Park (MLCP) was completed during 2009-10. In the April-August 2009 period, the Company commenced delivery of these Phase 1 premises to its licensees for their fitout work. It completed construction of the Phase 2 Building Block B-7, and has commenced delivery of these premises to its licensees in stages for their fit out work from July 2010. The Company commenced construction of its Phase 3 development (approx. 5.57 lac sq. ft. of constructed area corresponding to approx. 3.90 lac sq.ft. of licensable area).' On February 6, 2014, the Board of Directors Company issued and allotted 1,76,34,798 of Equity Shares of Rs 10/- each at premium of Rs 33.76 per share to Promoters and entities other than Promoters on a Preferential basis, which got listed on the BSE Limited effective from February 13, 2014. During the F.Y. ended March 31, 2022, the Company completed the construction of Phase 5 at Nirlon Knowledge Park and licensed the same w.e.f. December 15, 2021. In 2022-23, Company completed 4 phases of Nirlon Knowledge Park (NKP), comprising approx. 29.83 lakh sq. ft. of constructed area, which corresponds to approx 18.93 lakh sq. ft. of licensable area. Conveniently located on Mumbai's 8 lane Western Express Highway, one of Mumbai's main arterial roads, the Nirlon Knowledge Park is an easy commute from the western and eastern suburbs of Mumbai. A majority of the city's professional workforce lives in the Western suburbs, which have a ready availability of residential accommodation. Nirlon Knowledge Park is also located close to educational institutions, hospitals, and recreational facilities.