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Nakoda unmoved by situation in Korea – CMD

30
Nov '10
The tremors of artillery shelling by North Korean troops on a South Korean held island were felt across the globe and in India too. The biggest fear among the countries that have business interests in the region is of these sporadic incidents, turning in to a full scale war between the two countries.

Mr BG Jain led, Nakoda Limited is one such Indian textile entity which has invested and acquired a polyester plant in 2009 in Kyunghan in South Korea for $40 million. The plant which has a capacity of 100,000 tons / annum is located 300 km from Seoul and employs around 200 people.

However, when fibre2fashion spoke to Mr BG Jain, he did not seem overtly concerned about the developments. “Nothing big has happened and now the Korean market has also recovered. Our business is not at all affected and the plant is functioning as normal”, he said.

Giving details about capacity of the South Korean plant, he said, “Polymerisation capacity of the plant is 300 / tons per day, out of which FDY output is 150 tons / day, POY capacity is 100 tons / day and the rest 50 tons / day is accounted for by polyester chips”

When asked for their response in case the situation aggravates, he informed by saying. “First of all, we do not expect the situation to aggravate and secondly we are catering to the South Korean domestic market only, with exports making up for a small volume and thirdly, we are fully insured against all risks”.

Speaking about the investment climate in South Korea, he noted with satisfaction that since they had invested in the country, the treatment they received was at par with diplomatic status and had received full support from the government when they were contemplating investing in South Korea.

Fibre2fashion News Desk - India


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