pack under the brand Ruf & Tuf. 1997: The marketing and distribution network of the Newport brand is strengthened and the relaunched Flying Machine and Ruggers brands were strengthened. Arvind Mills sets up an anti-piracy cell for the first time in India to curb large scale counterfeiting of their brands Ruf & Tuf and Newport jeans. Arvind Mills adopts the franchisee system for manufacturing and distribution of Ruf & Tuf jeans. Arvind Fashions doubles capacity at the Bangalore manufacturing facility to produce Lee jeans. 1998: Arvind Mills emerges as the world's third largest manufacturer of denim. Arvind Mills goes live with SAP R/3 ERP package in April 1997 in their new manufacturing units. 2001 (February): company increases the number of Spindles and Stitching Machines by 2036 Nos and 38 Nos respectively. 2003: For the fourth quarter, Arvind Mills saw a 280% growth in net profit. Arvind Mills Ltd is assigned a "P1+" rating by CRISIL, which indicates a very strong rating for their commercial paper. Increases the number of Stitching machines by 7 Nos. 2004: Expanded their shirts manufacturing capacity from 2.4 million pieces to 4.8 million pieces per annum. Its subsidiary company Arvind Spinning Ltd commences its operation. 2005: For the fourth quarter in a row, Arvind Mills posts a profit growth in excess of 80%. Arvind Mills buys the entire stake in Arvind Brands from ICICI Ventures. commenced their operations of producing Jeans Pant in Bangalore with the installed capacity of 4 million Pcs per annum from March. 2006: New Denim collection was launched aimed at Super Premium brands of US, Europe, Japan and Korea. Also opened new venues for the Denim division as response to this collection was good. April: Demerge and transfer of the Garments Business Division to their 100% subsidiary company Arvind Brands Ltd and amalgamating Arvind Fashions Ltd a 100% subsidiary of Arvind Brands Ltd with Arvind Mills. Joint venture with company Arvind Murjani Brand Pvt Ltd through which they hold license to sell Tommy Hilfiger brand apparel in India. August: Wholesale branded apparel business of Arvind Fashions Ltd sold to VF Arvind Brands Pvt Ltd. 2007: Arvind expands its presence in the retail segment by establishing MegaMart, one of India's largest value retail chains. 2008: From March, company signs an exclusive license agreement with Philips-Van Heusen Corporation (PVH) for designing, distribution and retailing of IZOD brand apparels in India. May: Company's name changed