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Silverline acquired by SEL Textiles
14
Oct '11
SEL Manufacturing Company Ltd has informed that M/s. Silverline Corporation Ltd has become Subsidiary of SEL Manufacturing Company Ltd, as majority of stake i.e. 97.35% in Silverline Corporation Ltd has been acquired by SEL Textiles Ltd. which is the wholly owned subsidiary of the Company.

Silverline Corporation Ltd has a spinning unit in the state of Gujarat at Vadodara with a capacity of more than 70,000 spindles.

SEL GROUP, under the mentorship of The Chairman Mr. R.S. Saluja, has nurtured a dynamic business landscape.

The GROUP has announced a capex of USD 400 millions to set up an integrated state of the art yarn manufacturing facility with 400000 spindles. This will be the largest yarn manufacturing facility in a single location. Work for the same has already started in Mahetwara, near Bhopal, Madhya Pradesh, with the potential of providing direct employment to 4000 and indirect employment to 20,000 people.

The GROUP, headquarters, at Ludhiana, Punjab, North India, started its journey in 1969 with manufacturing in Ready Made garments. It has been a momentous journey for the GROUP. From a couple of million USD to being a USD 300 million integrated textile group with a targeted capacity of 1 million spindles, the goodwill earned by the GROUP is indeed palmary.

SEL Manufacturing Company Ltd

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