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The company manufactures and deals in parts of modern textile
spinning machinery such as ball and roller bearings, top
rollers, inserts, centre spindles, jockey pulleys, high drafting
systems, etc.
The company was incorporated under the name of Textile Ball
Bearing Products and Equipments (Pvt) Ltd. on 24th September, 1957. On 2nd April, 1960, the name was changed to Suessen Textile Ball Bearings and Products Pvt. Ltd. After conversion into a public limited company, the name was further changed to Suessen Textile Bearnings Ltd. with effect from 17th October, 1964. The collaboration agreement with Spindlefabrik Suessen, Schur, Stahlecker and Grill GmbH, Suessen , Germany expired in October, 1976. A new collaboration agreement was signed with them during 1978-79.
During 1987-88, the company entered into a tie-up with SKF
Textile Maschinen Komponentes GmbH, (SKF-TMC), Germany for the
manufacture of new technology products relating to textile
machinery components as well as for diversification into
non-textile areas.
During 1983, the company extended financial assistance to Star of
Gujarat Textile Mill Ltd (SGTM) a sick unit, and also acquired
powers to control the composition of the Board of Directors of
SGTM noting it as subsidiary. On 19th December, 1985, the
company acquired equity capital of Rs.37.50 lakh (30,000 equity share of Rs.125 each) of the subsidiary by converting part of the financial assistance granted to it.
Effective from 2nd December, 1988 the name of the company was
changed to "Associated Precision Spindles Limited", from Suessen
Textile Bearings Limited. This was in view of the restructuring
of the company's production through the SKF-TMC tie-up.
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