Fujian New Huawei Fibre Dyeing Co., Ltd, a subsidiary of China Gaoxian Fibre Fabric Holdings Ltd has invested 87.2 million Yuan from the proceeds of its recent Initial Public Offering (IPO).
Fujian has bought 50 knitting machines to manufacture warp knit fabric, which will be operational by the second quarter of 2010. It will help production capacity to increase from 17,000 tons to 32,000 tons per annum.
The addition of these new machines will also help in increasing the turnover of the company, beginning from the third quarter of 2010.
Fibre2fashion News Desk - India
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