MTL was established in 1995 as an equal joint venture company between Morarjee Realties Ltd. (then known as Morarjee Goculdas Spg. & Wvg. Co. Ltd.) (MRL) and Manifattura DiValle Brembana SPA of Italy (Brembana) for manufacture and sale of high quality cotton shirting fabrics both in domestic and export markets. The Company's manufacturing facilities are located at Bultibori, MIDC, Nagpur, which was earlier an 100% EOU but subsequently converted to Domestic Tariff Area (DTA). The Company commenced commercial production in January 1998 and quickly established its reputation as manufacturers of high quality shirting fabrics. It achieved a turnover of Rs.8.48 crores during 1997-98, which increased over the years. On the basis of its export performance, the Central Government awarded it an export house status.Pursuant to discussions between the joint venture partners, the entire equity stake held by Brembana in the Company (representing 1,64,38,000 equity shares of Rs.10 each fully paidup constituting 50% of the equity capital of the Company) was acquired by MRL in September 2003 for a total consideration of US$ 1 million. Out of this, 1,61,09,240 shares (49%) were acquired by MRL and the balance 3,28,760 equity shares representing 1% of the equity capital of the Company was acquired by the Morarjee Goculdas Spg. & Wvg. Co. Ltd.Senior Employees Option Scheme (MGM ESOP Scheme) towards Stock Options to be granted to the employees at an appropriate time. With this acquisition, the Company became a 99% subsidiary of MRL. In terms of the arrangement, Brembana agreed to continue to make available to the Company its collection set up, technical and marketing inputs even after it ceased to be shareholder of the Company. Brembana also agreed to the forfeiture of the Advance against Equity advanced to the Company. As explained earlier in the Information Memorandum, in 2003, MRL undertook a restructuring exercise, whereby inter alia, it sold and transferred its textile business to the Company w.e.f. 1st October 2003, thereby consolidating the textile business of both the companies, in one company (i.e. Morarjee Brembana Limited), at Bultibori, near Nagpur, a low cost zone. This was done with a view that MRL could concentrate on its core business of Real Estate Development. 2006 -Morarjee Textiles Ltd Issues Rights in the Ratio of 3:4 2009 - Morarjee Textiles Limited has appointed Ms. Rupa Desai as Company Secretary and Compliance Officer in place of Mr. S.C. Kashimpuria with effect from November 01, 2009. -Morarjee Textiles Ltd Issues Rights in the Ratio of 1:1 2013 - Board has recommended a Dividend of Rs. 1.75 /- per share on Equity shares of Rs. 7/- each (25%). 2014 - Board has recommended a Dividend of Rs. 2.45/- per share on Equity shares of Rs. 7/- each (35%).