Gangotri Textiles in Coimbatore has initiated Rs351-crore expansion plan and, of this Rs257 crores will be funded as loan by a group of banks.
This is the first time in Coimbatore that eight banks join hands to finance loan of such a big size to a single textile company, says R Nadanasabapathy, Head of the Regional Office, SBI Capital Markets Limited, Chennai.
Company plans to add more than 50,000 spindles to its existing capacity of about 17,000.
It will set up weaving and processing units also (in Perundurai) and increase its garment capacity to 4,000 pieces a day from the current 1,000.
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