Incorporated on Mar.'95, Minaxi Textiles was promoted by Kanubhai, S Patel and Sujal K Patel. It was originally created and deployed as a partnership firm and was converted into a joint-stock company in Feb.'95. The company assumed full control of the business of the partnership firm and commenced operations in Mar.'95.

In 1995, the company undertook an expansion of its weaving facilities by installation of the high-speed shuttless projectile Sulzer weaving looms imported from the US and Germany. It came out with a public issue of 38,10,000 equity shares of Rs 10 each for cash at par aggregating Rs 381 lac.

The total installed capacity of Grey Cloth is 3372000 Mtrs as on March 2002.