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'When going gets tough, tough get going' - Sintex Industries
03
Mar '09
Gujarat-based Sintex Industries Ltd plans to pump in about Rs 18 billion over the next three years for expansion of its various divisions including textiles. The company has already raised US $300 million through private placements and QIB's, and plans to raise another $300 million, by issuing foreign convertible bonds.

With an investment of Rs 13-18 billion, Sintex is also planning to increase the capacity of it's over 75-year-old textile arm, Bharat Vijay Mills and would be augmenting capacity from 21 million metres to 29 million metres, which would be completed by March 2009.

Sintex also plans to make a name for itself, in the high-end women's fabrics and clothing and upholstery market and has introduced 3,000 designs in Europe till date. At present the textile division manufactures high end cotton structured dyed yarn fabrics for well known fashion houses like Armani and others.

As of date, there are no plans in the works to enter the branded products segment. The company is sourcing designs for its fabrics business from well know designers in UK and Italy, for which it's entire production is already sold. Sintex has set a goal on being a $3 billion company by 2012, which it already looks, on its way on to.

Sintex Industries Ltd has been able to reverse the trend set by other companies in the quarter ended December 31, 2008. Its profits have sharply increased by 21.07 percent, and sales by 36.12 percent, when compared with the same period of 2007, at a time when other its contemporaries are grappling for survival.

In the same period, sales of the conglomerate grew from Rs 6,210 million to Rs 8,453 million and profits moved from Rs 585 million to Rs 708 million. The share of the textile arm is likely to fall from 28 percent to 20 percent, since it is expected to grow at 4-5 percent, compared to 40-50 growth chalked by the pre-fabricated business.

Fibre2fashion News Desk - India

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