Incorporated as a private limited company in Aug.'85, Towel India Exports was converted into a public limited company in Oct.'93. Its plant is located at Lote Purshuram, Maharashtra (inst. cap. : 1400 tpa). Commercial production commenced in Jan.'89. The company belonging to the Padamshi Meghji group was promoted by Kulin H Kothari. The company manufactures and exports cotton terry towels. The company came out with a public issue in Nov.'94 to expand the capacity to 2120 tpa with printing and processing facility for bed sheets under the expansion-cum-forward integration project at Solapur, Maharashtra. During the year 1995-96, the company also received Export Awards from the Cotton Textile Export Promotion Council for its outstanding performance for two years i.e. 1993-94 & 1994-95. The company also participated in the International Textile Exhibition HEIMTEXTIL'96 held in Germany in Jan'96. In 1996-97, the company received the recognition as Export House. During 1998-99, the carried forward loss is Rs 1,289.25 lacs which makes the networth negative and the company has become a sick company.