Binny Mills Ltd was incorporated in 2007 as a Public Limited Company. It obtained Certificate for Commencement of Business on 6th February 2008. The Company is listed in the Bombay Stock Exchange. The company operates in 3 divisions viz., Warehousing, Textile – Wholesale and Textile -Retail.
Warehouse:
Our vision is to provide industry specific and tailor made warehouses to benefit our clients. Offering a quality-driven and safety oriented space for storage.
Textile:
To have a strong presence in the Indian textile market by providing quality in goods and promptness in delivery and customer service.
Warehouse:
We provide warehousing and storage services to our customers. We focus on our customer specific needs and requirements and aim for providing them with high quality services. We provide customized and value-added services.
Textile:
Binny Limited (Binny) was formed in the year 1969 by amalgamation of The Buckingham & Carnatic Company Limited, Madras, The Bangalore Woollen, Cotton & Silk Mills Company Limited, Bangalore, Madura Company Private Limited, Cochin, The Ganges Transport & Trading Company Limited, Calcutta, Binny & Company Limited, Madras and Binny’s Engineering Works Limited, Madras.
Ever since the amalgamation, Binny has been incurring losses due to obsolete machinery, continuous labour issues, excessive labour force and heavy interest burden. In spite of various difficulties, the present management took over the management of the company in 1987. Binny was declared as a sick unit by the Board for Industrial and Financial Reconstruction (“BIFR”) in 1993. Binny came out of the purview of the BIFR by the order of the Hon’ble High Court of Madras dated 7th August, 2008.
Binny, at its Board meeting held on 30th October, 2008, approved a detailed business plan for the development of its engineering, properties, textiles, agencies & warehousing businesses. The Board also took note that each business has good potential for growth and profitability and are at a stage where they require focused leadership and management attention. The nature of risk and competition involved in each of these businesses is distinct from others and consequently each of the business is capable of attracting different set of investors, strategic partners, lenders and other stakeholders.
There are also differences in the manner in which each of these businesses are required to be managed. In order to enable distinct focus in the specific lines of businesses, attract capital and investors to invest in some of the key businesses and to lend greater focus to the operation of each of its diverse businesses, Binny re-organized and segregated by way of a demerger, its business and undertakings engaged in Development of Properties and its Agencies and Services Undertaking consisting of Trading of textiles & engineering products, Agencies, cold storage plants at Cochin and warehousing.
Binny Mills Limited (Binny Mills) was incorporated on 20th December 2007 with an initial authorized capital of Rs. 10,00,000/- consisting of 1,00,000 equity shares of Rs. 10/- each and paid up equity share capital of Rs. 5,00,000/-, which was entirely contributed by the promoter group of Mr. V R Venkataachalam.
The Agencies and Services Undertaking of Binny Limited was demerged to the Company by the Scheme under Sections 391 to 394 of the Act. The Equity Shareholders of the company and the Equity shareholders of Binny Limited approved the Scheme at their respective meeting. The Hon’ble High Court of Madras approved the Scheme vide its order dated 22nd April, 2010.
The public shareholders of Binny Limited, apart from continuing as shareholders of Binny would also become the shareholders of the Company and are now the Equity Shareholders.