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Dollar secures spinning mill to enhance production capacity
11
Nov '10
Dollar – the Rs 300-crore hosiery brand based in Kolkata has procured a spinning mill in Tamil Nadu in order to enhance its manufacturing capacity. The company has acquired the spinning mill for Rs 30 crore and is likely to spend an additional Rs 35 crore for the expansion of its capacity.

According to the Managing Director of Dollar Industries – Vinod Gupta, currently, the spinning mill has a capacity of producing 18,000 spindles which is likely to be enhanced to 22,000 spindles in the coming months. The acquisition is also expected to help the company to save the value added tax (VAT) on yarn.

Gupta further added that the company has been targeting an annual turnover of Rs 400 crore by the fiscal year 2011. The company is also expecting its market share to rise from the current 15 percent to 17-18 percent in the branded undergarment section. The size of the branded undergarment market is estimated to be valued at Rs 2,000 crore.

Dollar is one of the four leading hosiery brands in India. Dollar undergarments possess a 16 percent share of the branded hosiery market. The brand has been targeting the upper as well as the middle segment of the hosiery market. Around seven percent of the company's overall production is being exported to other countries.

Fibre2fashion News Desk-India

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