Suryajyoti Spinning Mills Ltd has announced that the Company is entering into the business of Builders and Contractors at an appropriate time in the future as the Board may deem fit.
The resolution to diversify into this business was passed by the shareholders of the Company at the AGM held on September 28, 2007.
Going forward the Company proposes to enter this business for which it has taken an enabling approval from its shareholders.
The Company is in talks with several entities and proposes to unveil its plans for this business shortly.
Recognizing the need to improve infrastructure, the Government has announced commitments to build large infrastructure projects through significant public expenditure and with the help of private partners.
During the next five years investments of more than US$ 300 billion in infrastructure are expected. The Company is keen to capitalize on the opportunities present in the sector.
The opportunity in the state of Andhra Pradesh where the Company operates is in itself significant in view of the irrigation and infrastructure projects being taken up in the state.
At present, major projects like outer ring road, satellite townships, and the international airport are under way.
At present, the Company is setting up a bottom-weight fabric weaving, processing and finishing facility in collaboration with an Italian Company.
The fabric produced will be sold in India and overseas under the 'Pangea' brand name and the Company expects to fetch a premium price for the fabric. The Company expects the project to be commissioned by March 2008.
Suryajyoti Spinning Mills Ltd
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