Veejay Lakshmi Engineering works Limited was incorporated in the year 1974 as a private Limited company. In the year 1994, public issue was made at a premium Rs 75 per share. The shares have been listed at Mumbai Stock Exchange. Veejay Lakshmi started its production activites in 1975 in producing Two-for-one Twisters at the engineering unit located in Sengalipalayam, Coimbatore.
To enhance its production facilities second engineering unit was started in the year 1993 at Annur, Coimbatore. Veejay Lakshmi diversified into Yarn spinning by acquiring a textile mill in Udumalpet in the year 1993.
The need to generate and utilize windpower energy for the textile units led to the investment in 4 windmills of 225 KW each used for captive power consumption for the textile mills. These windmills are now used for Engineering units captive power consumption.
Subsequently a new spinning mill comprising of 16000 spindles was set up at Mettupalayam, Coimbatore.
In 1996, Veejay Lakshmi entered into a Joint Venture with Savio Machine Tessili for the manufacture of Automatic cone winders in India. The joint venture agreement has come to an end from December 2004 and Veejay Lakshmi will be manufacturing and marketing Automatic cone winder and all related spareparts and accessories through its own sales and spares distribution network.
Veejay Lakshmi Textiles Limited, a Wholly owned subsidiary of Veejay Lakshmi Engineering works Limited was incorporated in the year 2001. The subsidiary was formed to manage the textile business of the holding company seperately. The transfer of business was done on 30.03.2003.
To generate additional captive power for the Engineering/Textile units 2 windmills of 750 KW Capacity and 600 KW Capacity have been installed.
With the objective of consolidation, modernization, economies of scale and future value addition the textile unit at udumalpet was sold by the end of January 2005. To meet the additional power requirements of the textile mills 3 Windmills of 600KW each have been installed .