Mid India Industries Share Price

Mid India Industries Limited was initially incorporated as Mid India Spinning Company Limited in March 1991. The name of the Company was changed to Mid India Industries Limited in February 1995 with necessary shareholders resolution and due approval from the ROC. Company is engaged in manufacturing of cotton textiles, yarn, fabrics other textile products. MIIL is a 100% exportoriented spinning unit, mainly promoted by R P Ganediwal and Others.The companys unit is located in Mandsaur, a rich cottongrowing area in Madhya Pradesh. It went public in Mar.93 to meet the entire capital requirement for the first phase of the installation of 12,480 spindles at a cost of Rs 16.3 cr. The plant is equipped with stateoftheart spinning machines. Commercial production started in Jan.94. The company has entered into a MoU with Unimax, Italy, for the purchase of the entire production. For the second phase of expansion (12,500 spindles), building construction has been already started and machineries are almost finalised. In 199596, the company earned foreign exchange worth Rs 18.94 cr. During 199697, the second phase of cotton yarn has been postponed for the further expansion of installation of another 8160 spindles. Company is planning to open overseas office to make effective marketing in the international yarn market and provide best services to the foreign buyers.As the accumulated losses of the company have resulted in erosion of more than 100% of its net worth, the company has become a sick industrial company as per Section 3(1)(O) of SICA .During the Financial year 202122, Company started trading in heavy plant machinery and spare parts business.The Company has received approval from The Collector of District Mandsaur to develop the residential colony with project names Agrasen Enclave2 colony vide their letter dated 5th December, 2023. The necessary approvals from various authorities are further under process during the year 2025.