Bhilwara Spinners Ltd is a textile company that has done something unusual: it shut itself down, sold its past, and started over. Incorporated in 1980 in Bhilwara, Rajasthan, it was originally a spinning mill whose manufacturing operations became unviable, forcing a complete disposal of fixed assets to settle liabilities and labour dues. The recurring approach is a willingness to hit reset - first pivoting to trading in yarn and seeds, then letting even that business go quiet, and finally staking everything on a single greenfield denim plant that began production in December 2024. # Business segments A single engine restarting from zero - a greenfield denim weaving plant that turned on its machines in December 2024 after the company's previous manufacturing and trading operations had both reached a standstill. ## 1. Denim weaving: the company's fresh start **Sixty looms in a brand-new plant making denim fabric - the entire business now rests on this one facility that began commercial production on 27 December 2024.** - **Built from scratch on auctioned land** - the plant sits on 26,800 square metres of industrial land in the RICCO Industrial Area, Bhilwara, purchased through an open auction directed by the NCLT Jaipur Bench from the liquidator of another textile company. - **Funded by a mix of debt and promoter-backed equity** - the project, originally estimated at ₹75 crore and later revised to ₹111.15 crore, was stitched together with a term loan from State Bank of India, a preferential share allotment that raised ₹14.90 crore, internal accruals, and corporate loans. - **Designed for scale from day one** - the plant houses 60 looms with a planned initial capacity of 116 lakh metres of denim fabric per year, so it is sized to be a volume supplier rather than a niche workshop. - **A two-person company running a factory** - as of FY25, the company had only two permanent employees on its rolls, and the Managing Director, Anshul Kothari, draws no remuneration, meaning the operation likely relies heavily on contract or outsourced labour. - **Related-party supply lines are already in place** - the company buys and sells yarn and fibre with group entities including Shree Barkha India Ltd and Shree Barkha Synthetics Limited, conducted at arm's length, which gives the plant a ready network for raw-material sourcing and fabric offtake. # Group structure and partners **A promoter-led company with no subsidiaries - the Kothari family and their holding company call the shots, and a web of related-party textile firms surrounds the operation.** - **Promoters hold just over half the equity** - as of March 2024, promoter shareholding stood at 50.94%, with total promoter holding at 49.80% a year earlier. - **Leadership passed from father to son** - Ashok Kumar Kothari stepped back from Managing Director to Non-Executive Director on 28 May 2024, and Anshul Kothari took over as Managing Director on the same day. - **No subsidiaries, no joint ventures, no associates** - the company stands entirely alone, with no holding company above it and no operating entities beneath it. - **A legal shadow on the factory land** - a suit regarding the auctioned land purchase is pending before the NCLT Jaipur Bench, where the company is named as Respondent No. 4 as the auction purchaser, though management does not expect any financial liability from it.