Nakoda Textile Industries Ltd has informed that the Nakoda Textile Group has floated a special purpose vehicle named Surat Super Filament Ltd with the main objective of purchasing POY (Partially Oriented Yarn) from the market, get it processed from Textile Park units and the sale the Texturised yarn in the market.
An MOU has been signed with IL&FS Cluster Development Initiative Ltd a wholly owned subsidiary of IL&FS Ltd, a leading institute in the field of Infrastructure Development and the Nodal agency for integrated textile park scheme approved by the Ministry of Textile, Government of India for assisting the SPV in development of business and financial plan.
The equity Participation of above SPV will be as follows:
Nakoda Textile Industries Ltd: 55.00%
IL&FS Cluster Development Initiative Ltd: 25.70% and balance 19.30% will be subscribed by Textile Park entrepreneurs.
The Company has recently completed its expansion programme of setting up a unit for manufacturing of FDY (Fully Draw Yarn) by installing 6 nos of high speed FDY lines imported from South Korea.
The capacity of the expansion project is 19500 M.T. p.a. The cost of project is Rs 27.00 crore. The above project would add Rs 150 crore in top line on fill year basis. The commercial production of the said project has already been started.
Nakoda Textile Industries Ltd
marketing@alchempro.com
