Garden Silk Mills (GSM) has signed a deal with China Textile Industrial Engineering Institute, to establish a continuous polymerization plant of textile grade polyester chips with a capacity of 260,000 tons, annually.
By October 2008, the plant is scheduled to start its production.
Further, a contract with Oerlikon-Barmag of Germany and TMT of Japan for supply of polyester yarn plant of capacity 55,000 tons per annum has also been finalized.
Oerlikon-Barmag, the world market leader in the sector of spinning systems for nylon, polyester and polypropylene as well as texturing machines.
Industry insiders claim that this joint venture with Garden Silk Mills, a leading Indian manufacturer of pure silk and cotton fabrics, will soar textile sector to a new high.
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