Indian integrated knitwear & textile major to invest Rs 107cr on expantion
17 May '05
2 min read
Leading integrated knitwear and textiles company in India, TT Ltd unveiled its plans to invest Rs 107cr on the enhacement of its production capacity and to develop captive power generation to fufil the surging demand of textile products in domestic and global markets.
The company intends to invest Rs 31cr to add 18,000 spindles in its current facility at Gajroula and Rs 51cr to purchase additional 25,000 spindles for its another facility in Gujarat. The expansions are expected to be completed by the end of month March 2006 and September 2007 respectively.
Investment of Rs 107cr would be funded with a mix of debt (with 5 per cent interest subsidy under the TUF scheme), internal accruals and equity.
The company would invest Rs 5cr for establish a ginning factory in Rajkot, Gujarat that would begin by October this year. The remaining amount of incestment would be used up on adding furnace oil 2.5 MW power project in Gajroula (Rs 7.5cr) and a wind power project in Tamil Nadu (Rs 12.5cr).
The company stated that the investments would significantly pull down the cost of power, a foremost cost in spinning mills. The better capacity would facilitate it to execute the mounting demand in both domestic and global markets.
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