The investment was considered too small to get into such a high-value business. But after ten years, Panchariya and his team operates five manufacturing units, including one in Maharashtra.
The company posted a turnover of Rs 58 crore for the quarter ended September 30, 2003, and profit for the quarter ended is Rs 6.5 crore.
The company is engaged in manufacturing of cotton yarn, towel, shirts and trousers.
The company set up its first manufacturing plant at Narol in 1997, with an initial investment of Rs three crore and upgraded it in phases investing Rs nine crore.
At present, the company has five manufacturing units, two in Rathial and one each in Odhav and Narol in Ahmedabad and one in Solapur of Maharashtra.
The company has a total production of 30 tonnes per day from all of its five manufacturing units.
The company is tying up with other spinning mills for enhancing its production.
The company has drawn up plans to tap the export market for high value cotton yarn and fabrics. Export orders on hand amount around Rs 10 crore and the company expects to export goods worth Rs 50 crore in the next three years.
To reflect the focus on exports the company has changed its name from Alka Spinners Ltd to Alka India Ltd.
More than 25 per cent of the gross profit of the company comes from exporting towels to the US and the European and Gulf countries.
The company expects that good monsoon this year and the subsequent good harvest of cotton crop will reduce cotton prices and the input costs of the company.
Satish, considered as one of the most successful entrepreneurs in Gujarat, will prefer his son to join his business in future, but he says,
