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Morarjee Textiles to spend Rs 1.7 bn to expand

Feb '07
Morarjee Textiles plans to set up new garment plants, increase spinning capacities and build a captive power plant with an investment of Rs 1.7 billion over next two years.

Investment of Rs 500 million will be made by the company to add 25,000 spindles taking it to 55,000 at its Nagpur plant.

Garment production of 1.2 million pieces per annum at Bangalore units will be doubled during next six months with plans to increase it four-times from current level.

Vizag and Chennai are likely to be selected as new destinations for exploring locations to set up greenfield units.

Captive power plant of 10 mw with investment of Rs 400 million will be built near Nagpur facility by December 2008, to fulfill its power requirement. The company hopes to save up to Rs 50 million per annum on power costs.

Besides this the company plans to spend around Rs 200-300 million to upgrade machinery at its existing units.

Expenditure for project costs will be met by raising Rs 430 million from market, around 500-550 million from warrants attached to rights issue, funds under technology upgradation fund scheme (TUFS) and internal accruals.

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