Swadeshi Polytex (SPL), incorporated in March 1970 and initially promoted by Swadeshi Cotton Mills, specializes in manufacturing polyester staple fiber. Despite initial plans to expand its capacity from 6,100 tpa to 30,000 tpa, the company only managed to increase production to 14,000 tpa by 1989. Managed by the National Textile Corporation (NTC), which holds a 33% stake, SPL's operations have been stagnant, with no production since 1999-2000 due to financial challenges. The company's net worth erosion led to filing with the Board for Industrial and Financial Reconstruction (BIFR) under SICA provisions, indicating significant financial distress. The Swarup group, with a 24% shareholding, is the second-largest stakeholder. Despite its strategic collaborations and attempts to scale, SPL faces substantial operational and financial hurdles, with its future operations and viability in question.
