Enam Securities has been assigned to implement corporate restructuring by Sutlej Textiles and Industries Ltd (STIL). This move could include bringing on a strategic investor. According to Chairman C S Nopany, Enam will start working on the restructuring shortly.
STIL resulted due to demerging of the overall textile business of Sutlej Industries Ltd.
Nopany added that STIL owns three spinning units along with a weaving unit, apparel division and home furnishing unit. It has commenced expanding production of its apparel and home furnishing units, which will be completed within 2008.
A greenfield project is in the pipeline, which will be producing 1.5 million trousers annually with an investment of Rs21 crores. Another one for home furnishing has been initiated, which will require Rs26 crore investment.
marketing@alchempro.com
