Home / Knowledge / News / Textiles / India's Nahar Group plans Rs 15bn expansion in Punjab
India's Nahar Group plans Rs 15bn expansion in Punjab
05
Jun '13
Nahar Group, a leading Indian textile firm, has announced that it would invest Rs. 15 billion for expansion of its Punjab-based spinning and denim capacities.
 
The announcement came just a day after the Punjab government unveiled its new industrial policy embracing a whole range of incentives. 
 
Kamal Oswal, Vice Chairman and Managing Director of Nahar Industrial Enterprises said pursuant to their Rs. 15 billion expansion plan, the company would install 200,000 new spindles at its yarn producing units at Malerkotla and Jodhan in Ludhiana and Larlu in Mohali, Business Standard reported.
 
Presently, the company has a total installed capacity of 800,000 spindles.
 
The company also plans to expand its denim production capacity from the existing 20 million meters to 40 million meters per annum. For this, it plans to boost its Ludhiana plants capacity by 20 million meters, Mr. Oswal said. 
 
The spinning and denim capacity expansion would take place within next two to three years, he added. 
 
Following expansion, the company’s turnover is expected to grow from the existing Rs. 60 billion to Rs. 80-90 billion. The expansion effect would mainly be seen in the topline, Mr. Oswal said.
 
The expansion would be funded through a mix of internal accruals and borrowings, he added.
 
In the new industrial policy pronounced on June 3, Punjab government has assured to offer VAT exemption of 50-80 percent to new producers including those in integrated textile sector.
 
Also, the state government announced total exemption from stamp duty, property tax and electricity duty and 75 percent exemption in Central Sales Tax (CST) for upcoming units and expansion projects.
 

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 19th Jan 2017

Pakistan imposes duty on Indian fine cotton yarn

A provisional countervailing duty ranging from Rs 26.89 to Rs 55.8 a...

Textiles | On 19th Jan 2017

Union Budget: Textile sector expects excise duty revisions

Excise duty on man-made fibres should be reduced to bring it on par...

Union textiles minister Smriti Irani at the inauguration of IIGF in New Delhi with textiles secretary Rashmi Verma and other dignitaries. Courtesy: PIB

Apparel/Garments | On 19th Jan 2017

Ministry to reimburse apparel exporters for state levies

The textile ministry has received a sum of Rs 500 crore from the...

Interviews View All

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search