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Welspun to invest Rs 7 billion in technical textiles venture
03
Dec '10
Welspun India has allocated about Rs 7 billion for venturing into technical textile.

The company is planning to make an investment of Rs 6 to 7 billion into the area of technical textiles. It is expecting some assistance from the Technology Upgradation Fund (TUF) plan of the government, which is likely to be revived shortly.

The company is also expected to establish a research as well as development-based entity in the Kutch region of Gujarat, for this reason.

The company is also expecting a growth of 10 percent in its earnings from the sales during the current fiscal year.

The sales turnover stood at US $650 million during the last fiscal year and the company is seeking a hike of eight to ten percent in the overall earnings from its sales this fiscal year.

The textile company is planning to make a total investment of Rs 9 billion in two to three years' time. This includes the investment of Rs 2 billion on machinery and equipment and the remaining Rs 6 to 7 billion for foraying into technical textiles.

Fibre2fashion News Desk-India

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