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Nitin Spinners to invest Rs 300 cr for expansion
27
Jul '15
Bhilwara, Rajasthan-based Nitin Spinners will invest Rs 300 crore for expansion, following an approval for the same by the company’s Board of Directors.
 
In a filing to the BSE, the 100 per cent cotton yarn and fabric manufacturer said the company has achieved full production capacity on expanded facilities installed in the year 2014-15. 
 
“In order to further expand its product range and to establish leadership position in the market, the Board of Directors of the company have approved expansion project at an estimated cost of Rs 300 crore for additions in the capacity of ring spinning and rotor spinning facilities at the existing location,” the statement said.
 
 The project is proposed to be financed partly through term loan and partly through internal accruals.
 
Further, the expansion project is eligible for interest subsidy on term loan for capital expenditure under Technology Upgradation Fund Scheme (TUFS)  of Central Government and Rajasthan Investment Promotion Scheme, 2014.
 
In financial year 2014-15, the company’s net income from operations stood at Rs 616.47 crore, while net profit stood at Rs 40.95 crore. (RKS)
 

Fibre2Fashion News Desk – India

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