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Suryalaxmi commissions plant to produce mélange yarns
07
Oct '15
Integrated yarn to garment manufacturing company Suryalakshmi Cotton Mills has commissioned a fourth spinning mill to produce value-added and premium fancy yarns.

The plant in Amravati, a cotton producing hub, has been set up at a cost of Rs 131 crore and has 26,000 spindles, which will take the total spindle capacity at Suryalaxmi Cotton to 87,000.

According to a press release, the plant includes fully automated, state-of-the art, imported spinning technology on which trial runs have been completed and commercial production begun.

Managing director Paritosh Agarwal said, “Set up within stipulated timelines with no cost overruns, it proves our superior execution and process skills.”

“With commencement of operations at the new plant, we will significantly cut down our dependence on third-party vendors for procuring yarn enabling better quality control and increased cost efficiencies,” he added.

“With fancy yarns being a premium product and high margin business, we anticipate annual revenues of Rs 150 crore plus from this plant alone,” Agarwal informed.

He further added that the in-house unit expands their scope to invest in R&D, enabling them to be in sync with latest trends in the world of denim and cater to global and domestic fashion demands more effectively.

The high value yarns produced in this plant would be used for captive consumption in its denim division, while it also has a 25 MW captive power plant which will further add to the company's bottom line.

Due to the location which is a cotton belt in Maharashtra, the unit has abundant access to high quality raw material and labour.

Further, it is fully compliant to leverage the interest subsidy benefits provided by the central and state governments and would provide direct employment to around 250 people and indirect employment to many more.

“The plant will help the company in creating a robust strategy to intertwine latest fashion trends across the three divisions,” the company stated.

“This will also de-risk the company's revenues and at the same time help in maintaining a focus on high-value high margin businesses,” it informed.

Founded in 1962, Suryalakshmi Cotton manufactures yarn, denim fabric and garments for leading private labels, fashion brands and retail chains in 29 countries across the globe.

Suryalakshmi Cotton is also a leading producer of denim fabric in the country with a capacity of 40 million meters per annum. (AR)

Fibre2Fashion News Desk – India

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