Welspun India

Welspun India Ltd
Public company (BSE: 514162) (NSE: WELSPUNIND)
Industry Textile
Founded 1985, Mumbai
Headquarters Mumbai, Maharashtra[1], India
Key people
 B K Goenka, Chairman
Products Terry Towels & Home Furnishings[2]
Revenue ₹18,730.2 million (US$280 million)[3]
Parent Welspun Group
Subsidiaries Welspun USA Inc & Sorema- Tapates e Cortinas de Banho, SA[4]
Website Official Website

Welspun India is a textile company based in Mumbai.[1] It is Asia's largest and the 2nd largest Terry Towel producer in the world[5] It exports more than 94 per cent of its towels to more than 34 countries. It exports more than 68 per cent of its production to the US, 23 per cent to Europe and the balance to Middle East, Australia, Mauritius.[6] It supplies to 12 out of the top 20 retail chains in the world.[7] In 2016 it got embroiled in a scandal for allegedly mislabeling its bedsheets as made out of Egyption Cotton. Target has severed ties with Welspun over this issue. Two class-action lawsuits have also been filed against Welspun India Ltd.[8]

History

It was incorporated on 17 January 1985, as a Private Limited Company in the name of Welspun Winilon Silk Mills Pvt. Ltd. at Mumbai. It was established to manufacture Polyester filament yarns (PFY) and texturised yarns (PTY). In 1995, the name changed from Welspun Polyster to Welspun India Ltd.[9]

References

  1. 1 2 "Welspun". welspuntowels.com. Retrieved 3 January 2011.
  2. ↑ "Welspun India to demerge divisions - Corporate News". livemint.com. 16 September 2008. Retrieved 3 January 2011.
  3. ↑ "BSE Plus". Bseindia.com. Retrieved 3 January 2011.
  4. ↑ "The Hindu Business Line : Welspun acquires 76% stake in Portuguese co". Blonnet.com. 20 December 2007. Retrieved 3 January 2011.
  5. ↑ "Welspun". welspuntowels.com. Retrieved 3 January 2011.
  6. ↑ Piyush Pandey / Ahmedabad 27 December 2004 (27 December 2004). "Welspun lines up spread, technology upgradation". Business Standard. Retrieved 3 January 2011.
  7. ↑ NULL. "CARE reaffirms rating of Welspun India Ltd". Moneycontrol.com. Retrieved 3 January 2011.
  8. ↑ "U.S. Consumers Sue Welspun Over Cheap Sheets as Fallout Widens". Bloomberg. Retrieved 15 September 2016.
  9. ↑ "WELSPUNIND History | Welspun India Ltd Company History & Profile". The Economic Times. Retrieved 3 January 2011.

Official website

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