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Nirvan Silk Mills to tap capital markets
12
Apr '11
In order to raise finance for its expansion plans involving establishment of yarn dyeing, sizing and processing units, Mumbai-based Nirvan Silk Mills intends to go public.

Recently, the firm spent Rs. 180 million towards expansion of its Maharashtra's Tarapur based weaving unit from 10 lakh metres to 14 lakh metres.

The firm affected this expansion within a short period of six months, and now intends to spend Rs. 500 million towards establishment of yarn dyeing, sizing and processing units on an area of four acres at Tarapur.

The company's annual turnover is expected to rise from present Rs. 750 million to Rs. 1.25 billion by next fiscal. To fund the expansion, Nirvan intends to enter into the capital markets with an initial public offering.

The company has marked its presence across the country, and even exports to foreign countries including Malaysia, Saudi Arabia, Thailand, Vietnam, Dubai, Cambodia and Indonesia.

Presently, the firm's overall export comes to around Rs. 100 million which is expected to grow to Rs. 200 million, next year.

Fibre2fashion News Desk - India

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