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Ganesh Polytex allocates fund for organic growth projects
Dec '10
Aiming to fund its ambitious organic development plans, Ganesh Polytex Ltd (GPL) has allocated a sum of Rs 1.25 billion for the purpose, to be used over a period of next one year.

The plan entails establishment of greenfield plastic recycling projects with an annual capacity of transforming 15,000 tonnes of waste into partially oriented yarn (POY) and texturised yarn.

The project finance of Rs 1.25 billion is intended to be raised through various sources like equity, debt and internal accruals.

Further, the company, as a component of business expansion intended towards meeting the requirements of the customers directly, is also to set up facilities for producing 5,000 tons per annum of spun yarn from reprocessed polyester staple fibre.

The company plans to launch the project in Uttar Pradesh's Bilaspur district, near its already existing pet bottle processing plant, and has also acquired a 15 acre plot for the purpose.

The firm branched out into the production of recycled polyester staple fibre by reprocessing non-biodegradable post-consumer pet bottles and establishing a plant with a capacity of 6,000 tons per annum, as back as in 1995. The plant as well as the technology was imported from Korea.

Fibre2fashion News Desk - India

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