Textile business of Morarjee Goculdas Spinning and Weaving has shed its former garb and become Morarjee Textiles with an on going expansion of Rs 100 crore.
One of the oldest listed textile firm of India, Morarjee Goculdas silenced it creditors and started afresh this year. Icing on the cake was that Morarjee paid dividend to its shareholders for the first time since 1998.
Morarjee Textiles has two divisions - Morarjee Brembana and Morarjee Mills, one dealing with high-end shirting fabric and the other with premium voiles, respectively.
Current production capacity of 17 million tons is expected to reach 25 million tons by the end, next year.
Shirting fabric production grow to 10 million tons from 7 million tons and voiles and printed fabrics output will reach 15 million tons from 10 million tons.
Company is also mulling over a captive power plant in Nagpur.
Morarjee International has also been established in Europe by Morarjee, a flagship company of the Rs 3,600-crore Piramal Enterprises.
Based in Legnano, Italy, the company aims to cater the marketing needs of its European clients like Zara, which is an international arm with a design studio — a one-off among Indian fibre manufacturers.
Company has also established an apparel-manufacturing plant in Bangalore. The unit, an outsourced manufacturer for brands like Tommy Hilfiger, Espirit and Massimo Doti, is dedicated to ready-to-wear garments for women, men and children, informed Pramod Gothi, managing director, Morarjee Textiles.
Gothi also added that the Rs 146-crore body now expects to double its turnover every three years.
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