It seems that now global recession and credit crisis is having its adverse impact on the planned expansion projects.
Sources from leading textile player in India, Alok Industries, confirmed to Fibre2fashion that the Company was suspending its special economic zone (SEZ) project at Silvassa in Dadra & Nagar Haveli for the time being.
Reportedly, Company has decided to concentrate on the few expansion plans worth around Rs22.8 billion that are already underway.
Sources said that with weak demand and trade crunch it has become difficult to even attract investment for the SEZ project. Considering this, the Company has decided not to pursue the project at least till March 2009.
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