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Textile firms to tap primary market for capex

Feb '07
On the back of the current retail boom being witnessed in the country and resurgence in the capital market registering a sharp upward movement, many textile companies are going ahead with capacity expansion plan.

Around 12 mid-size and major textile companies have plans for capacity expansion and will either source the primary market or go for government-sponsored Technology Upgradation Fund scheme (TUFS) for required capital.

Bombay Rayon made its debut in 2005 on the strength of buoyed-up economy during the quarter ending December 31 of the current fiscal.

Gokuldas Exports, manufacturer of readymade fashion garments', new factory for bottom pieces will start operations at Tumkur near Bangalore. The company's four units are already operating at SEZs in Chennai and Karnataka. Domestic supply chain has been put in place to cater to retailers like Wal-Mart, Bharti, Reliance Retail and Metro Group by Gokuldas Exports.

SPL industries has offered 90 lakh shares at Rs70 per share in 2005 and plans to go for IPO, floating 25 to 30 percent shares through public issue.

The capital will be ploughed to promote brand, product manufacturing and retailing.

Phase-II of the expansion plan will involve about Rs3.7 billion to finance backward linkages in spinning, knitting, wet-processing, garmenting, retailing and acquisition cost of brands.

Mudra Lifestyle, manufacturer of fabrics and garment, for its Initial Public Offer ofRs95.8 lakh equity shares which opened on Thursday, has fixed a price band of Rs75 to Rs90.

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