Konark Synthetic has applied to the Gujarat Industrial Development Corporation (GIDC) for 10,000 sq metre of land near Vapi in Gujarat to produce fancy yarn for home furnishing with an investment of Rs30 crore.
The proposed weaving unit is planned to be constructed on about 20,000 sq ft, said the source.
The work is to be completed by June 2006, said Manohar Sharma, Vice-President, Konark Synthetic.
The company plans to bring out a rights issue soon to finance a project for an administrative unit at the plant.
Konark Synthetic has clients in China and Turkey. Majority of its customers are from India. The company is based at Mumbai and is in speciality yarn business since last 25 years.
In the year 2004--05, Konark gross sale were Rs 22 crore with net pofits at Rs 70 lakh, whereas it grossed Rs 12.7 crore in the first half of this year with a profit of Rs 1.64 crore.
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