MAS Holdings sets up US$ 70mn fabric knitting plant

03 Dec '12

2 min read

A US$ 70 million knit fabric plant is being set up by Sri Lanka-based apparel exporter MAS Holdings at its own industrial park, Sri Lanka's Board of Investment (BOI) said in a statement.

The new plant – MAS Fabrics (Private) Ltd – would be set up in Thulhiriya to the north-east of Colombo, the statement said.

According to Sharad Amalean, Deputy Chairman MAS Holdings, the new plant would be the company’s largest technology-based investment so far, BOI said.

MAS Holdings is keen about innovation and is willing to invest in it by partnering with those who replicate the values same as theirs.

Thulhiriya initially housed a state-owned textile mill, set up during the era when an anti-import anti-free trade philosophy was highly prevalent and import substitution was highly emphasized on.

However, the textile mill was later on acquired by a Korean company, which succeeded in exports to some extent initially, but later on it ceased operations.

Now, MAS Holdings, a leading apparel industry player, has developed facilities for producing high-end harmless export apparels at the location. According to BOI, the facility echoes a ‘spirit of innovation’ in the country’s apparel industry and is also tuned in with the country’s goal of reducing use of imported raw materials.

Fibre2fashion News Desk - India

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