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Winsome Textile on expansion mode
26
Aug '09
Winsome Textile, a knitting and weaving products firm based at Himachal Pradesh is looking forward to broaden its horizon, after getting clearance from banks for its debt restructuring plan, informed a top company official.

The company plans to invest Rs. 1.43 billion for this expansion and this investment will be done in three divisions; spinning, dyeing and power. The spinning and dyeing sections of the company's unit at Baddi in Himachal Pradesh are being upgraded and expanded to increase production, informed the official.

He further added that the banks have approved reconstruction of Rs. 1.2 billion term loan and sanctioned a new term loan of Rs. 188 million as well as Rs. 75 million as a corporate loan. It has also sanctioned a working capital term loan of Rs. 200 million. The total borrowing amounts to Rs. 1.663 billions, said the official.

The company is also establishing 2.5 MW hydroelectric project, the construction of which has already been started near Dharmashala in Kangra district of the state. The company is investing Rs. 250 million in this project, which will be completed by December 2010 and start operations by January 2011, he added.

Winsome Textile had achieved a turnover of Rs. 1.71 billion in the fiscal 2008-09 against Rs. 1.57 billion of the previous year.

Fibre2fashion News Desk - India

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