Starting from July 1, Indo Rama Synthetics (India) Ltd, the over Rs22.18 billion corporation, has hiked polyester prices for all categories by Rs4 per kilogram.
Surging cotton prices have led to rise in demand of polyester, which is an advantageous position for the company, and this is the reason for this increase, confirms an official source from the Company to Fibre2fashion.
With in past three months, Indo Rama Synthetics has increased the prices of polyester, around 10 to 12 times, which is now near about 20 percent higher compared to March.
Indo Rama is also investing about 600 to 700 million rupees on an energy saving plant at Nagpur, which would convert furnace oil fired heaters to coal-fired ones.
This facility is expected to start functioning by March 2010. Experts are anticipating that Indo Rama will be able to save around Rs700 million in operational costs.
Fibre2fashion News Desk - India
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