Today nine years after the process of liberalisation was first initiated, Indian industry finds itself on the threshold of a new horizon. It’s a horizon that holds the promise of opportunities galore which must be taken advantage of. At the same time Indian industry insulated for so long, also faces various challenges. In such a scenario, it is imperative, that a company’s management finds in itself, the mix of vision and confidence to create plans that’ll enable entry into the new millennium on a strong platform. So as to hold its own and grow further in a world where globalisation is breaking down traditional market frontiers.
While on this journey of the new world order, certain minor hurdles will inevitably block the way. At that moment immediate corrective actions are necessary, without losing track of the final long term goals.

Here a retrospection of the previous year is very much in order. A year, which as we all know, was a difficult one for Textile Industry. Not only had a poor crop resulted in spiraling prices but a recession hit market had considerably lowered its demand. To compound the problem even further, the South East Asian currency crisis brought the world on the verge of an economic meltdown. It was in a market so volatile that Nahar Spinning Mill exhibited its true mettle. Steps were immediately taken for optimal utilisation of all available resources. In addition management of all current assets was also optimised. Actions such as these resulted in more value added products and produced the cutting edge of cost effectiveness. The success can be gauged from the financial results. Which remained way above the industry average.

However a one time strategy cannot be base for long term results. The necessity of the day were plans aimed at the future. At this point it gives me great satisfaction to share some very good news indeed. Recently a survey by the nation’s top research groups revealed some encouraging facts. The brands owned by the flagship company Oswal Woolen Mills Ltd. – Monte Carlo and Canterbury were rated No.1 & No.4  respectively in the woollen garments category. At the same time continued excellence in exports by our company received recognition in the form of Golden Trading House award by the Govt. of India. A befitting award for a company that looks upon the world as its market. Moreover the unique infrastructural strength of Nahar Spinning Mills, also came to forefront.

The time is obviously ripe to move into the future. A careful evaluation of the present customer scenario reveals that the customer of today is not only for more demanding in terms of quality but is also cost conscious. This being a trend all across the world in general and sophisticated fashion conscious markets in particular (Nahar Spinning Mills has catered to for so long, the need of the hour is to further augment infrastructure and introduce greater flexibility in the product line.

Therefore a decision was immediately taken to set up two new plants. Importantly the time lag between decision and implementation was almost nonexistent.

The first is an import substitution project a 2040 tons capacity Mercerising cum Dyeing Plant. Being set up at a capital outlay of Rs. 45 crore in village Lalru, Ambala Chandigarh Road, Distt. Patiala, the plant will be operational by June/July 2000.

Not only will this project save valuable foreign exchange and cater to the expanding demand of Mercerised Yarn in sophisticated market but will also result in higher value addition along with a substantial favourable impact on the company’s profitability in the coming years.

The second project is s 100% EOU spinning mill. With a spinning unit of 28224 spindles for super fine quality it will increase the company’s spindlage capacity to 94512 spindles. Being set up at village Jalalpur, Distt Patiala, at a capital outlay of Rs. 70 crores, it will commence trial production by January 2000.

The objective of such wide ranging strategies and actions is simple. They are designed to increase the number of opportunities which offer growth potential to the expertise and capabilities of the company developed over the past years. The company has the wherewithal to manufacture global quality yarn & garments. Quality that has already made its mark in the highly fashion conscious markets across the world. The company is looking at producing higher value added products as well as making its presence felt in new markets. It is therefore imperative that we gather all our resources and create a stream-lined approach in this regard.

I conclude my message, with a strong conviction that in the coming years, Nahar Spinning Mills will emerge as a leading light in its field of operations.