Salem Textiles (STL), incorporated in Jul.'64, was promoted by N Ramasamy Udayar and his associates. It commenced production in 1967 with 6000 spindles. The company produces cotton carded and combed yarn as well as special high-value-added yarn with counts ranging from 16s to 100s.R Prabhakaran is the Managing Director.
STL came out with a public issue (premium : Rs 30) aggregating Rs 7.80 cr, in Mar.'93. The amount was raised to set up a joint venture in Malaysia for dyeing and processing yarn with an installed capacity of 11.2 lac kg pa, and to undertake a project for manufacture of melange yarn and optical white yarn. The project had been set up near Trichy, Tamilnadu,at a cost of Rs 1...
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