Swadeshi Polytex Ltd is not a manufacturer anymore - it is a land-monetisation vehicle that has been methodically selling down a single industrial plot for over a decade. The company was incorporated in 1970 to make polyester fibre, but it shut those factories in 1998 because they were economically unviable, and in 2011 it pivoted entirely into real estate. Its entire approach since then has been one of patient liquidation: acquire leasehold rights from a state development authority, develop the plots, sell them off square metre by square metre, and use the cash to hunt for a new business while carrying no debt and no workforce. # Business segments A single engine in wind-down - the sale of industrial leasehold plots - with no other operating business, no subsidiaries, and a stated intention to redeploy the proceeds into something new. ## 1. Industrial leasehold plots: the land bank that is almost gone **The company sells development rights to industrial plots it leased from the Uttar Pradesh government, and as of early 2024 it had relinquished rights over its entire saleable inventory.** - **A government-granted land pool** - the company had incurred expenses on developing plots as per the approved plan of UPSIDC, and it had made a representation before UPSIDA for extension of permission to transfer its leasehold rights, which was pending. - **Sold by the square metre, not by the building** - revenue comes from relinquishing leasehold rights to customers, with control transferring only when the plot is developed and handed over; the company also earns fees acting as a developer, advisor or broker on related deals. - **Inventory that shrank to zero** - the saleable land bank stood at 144,988 square metres as of April 1, 2021, fell to about 86,000 square metres by March 2023 after two years of active sales, and by February 2024 the company confirmed it had completely implemented its development agreement and relinquished rights over the entire saleable portion. - **The last piece is infrastructure, not plots** - what remains is a set of “Facility Area Plots” where the company must build essential infrastructure and allied facilities within a six-year window under its lease deed; once that development is done, it intends to monetise those assets too. # Group structure and partners **A shell with no operating subsidiaries, controlled by two large shareholders and run by a CEO on deputation from one of them.** - **Management on loan** - the CEO, Mr. Bhuwan Chaturvedi, is on deputation from Paharpur Cooling Towers, and the company reimburses Paharpur for his compensation. - **No subsidiaries, no joint ventures** - as of March 2026 the company has no subsidiary, associate or joint venture, making it a standalone entity with no operating arms. - **A clean balance sheet with old scars** - the company is debt-free and net-cash, but it carries contingent liabilities of roughly ₹66.77 crore from its discontinued polyester business, spanning provident fund disputes, labour cases, excise and customs matters, and foreign-exchange penalties.