Uzbek-Singaporean joint venture Indorama Kokand Textile proposes to attain its full capacity by close of 2013.
The JV company set up on the base of Qoqand Textile Combine is making final preparations to commence operations and would shortly go operational.
As a part of the venture, a state-of-the-art laboratory for carrying out inspection of raw materials and product quality has been set up.
Besides, the firm has even set up its own energy units and would carry out production work in three shifts.
Along the lines of the general project, the firm would attain its targeted capacity by close of 2013 while generating 550 new employment opportunities. The enterprise is expected to export goods worth around US$ 32 million each year.
In the first phase, the firm would each year process 9,000 tons of cotton fibre and would eventually grow this capacity to around 16,000 to 20,000 tons towards close of 2013.
Indorama Corporation and National Bank of Uzbekistan for Foreign Economic Activity (NBU) instituted the new joint venture firm in July this year with a charter capital of US$ 18 million.
The Singaporean firm holds 76 percent stake in the venture, while the rest 24 percent share is with NBU.
Indorama Corporation initially acquired Qoqand Textile Combine's property and decided to invest minimum of US$ 55 million during 2010 to 2013.
Fibre2fashion News Desk - India
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