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VEL to set up weaving & processing plant
03 Jun '06
1 min read
Home textile producer Vigneshwara Exports Ltd (VEL) plans a weaving and processing integrated plant in Gujarat by investing Rs200 crore, to serve the rising demand in world markets, informed Mahendra Poddar, Director.
To be operational from October this year, the plant would have the processing capacity of 1.2 lakh metres per day and initial weaving capacity of 15,480 metres per day of grey fabrics, he added.
At present, company converts the outsourced fabrics for its cutting and sewing units at Ahmedabad in Gujarat and Bhiwandi in Maharashtra and exports the same to Europe.
While exploring new markets in the US, Russia and Australia, the focus would still remain on Europe, Poddar opined.
In order to fund the expansion plan, company has accrued Rs5.4 crore through private placements and tied up term loans worth Rs131 crore with several banks.
To be operational from October this year, the plant would have the processing capacity of 1.2 lakh metres per day and initial weaving capacity of 15,480 metres per day of grey fabrics, he added.
At present, company converts the outsourced fabrics for its cutting and sewing units at Ahmedabad in Gujarat and Bhiwandi in Maharashtra and exports the same to Europe.
While exploring new markets in the US, Russia and Australia, the focus would still remain on Europe, Poddar opined.
In order to fund the expansion plan, company has accrued Rs5.4 crore through private placements and tied up term loans worth Rs131 crore with several banks.
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