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Sangam India ventures into seamless garments
07
Aug '14
Sangam India Ltd is planning a foray in seamless garments at an investment of Rs 120 crore.

Seamless knitted garments are used worldwide in wellness wear, yoga wear, sportswear, intimate wear, body shapes and other attires.

In a filing with BSE, Sangam additionally said that it proposes to pay 20-25 percent of its net profit as dividend to shareholders annually from this fiscal year.

This makes Sangam, among a few Indian companies which have announced an annual dividend policy.

The company plans to set up 10,000 spindles for slub yarn and a mercerizing unit to manufacture 10,000 pieces of seamless garments per day which will be operational by March 31, 2015.

Seamless Garment technology is a new technological development in the garment sector, which eliminates the fabric laying, cutting and sewing process.

By eliminating the cutting and sewing process, complete garment knitting provides a variety of advantages in knitting production such as saving in cost and time, higher productivity, quick response production, homogeneity and other advantage.

“Sangam plans to install 36 circular knitting machines to be imported from Santoni, Italy, who are world leaders in seamless knitting technology”, its Managing Director SN Modani said.

In the first fiscal quarter ending June 30, 2014, Sangam posted a 1.9 percent hike in net sales at Rs 372.93 crores compared to Rs 365.80 crores in the same quarter of 2013-14.

It also reported an 88.05 percent increase in net profit at Rs 11.34 crore against Rs 6.03 crore in the comparable quarter of the previous fiscal year.

Fibre2fashion News Desk - India

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