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Mahavir Spinning to be named Vardhman Textiles Limited

02 Feb '06

1 min read

Mahavir Spinning Mills Limited has transformed itself into a facility which carries out composite textile operations instead of a part of operations, as its name suggests, hence a need to change its present name arose.

A proposal is under way to name Mahavir Spinning Mills Limited to Vardhman Textiles Limited from the next fiscal year, said Vardhman Group Chief Financial Officer, Neeraj Jain.

Under an expansion plan, an investment of Rs1600 crore is earmarked for Madhya Pradesh in the next two years.

Out of which, the Ludhiana based Vardhman Group will be investing Rs1200 to Rs1300 crore on setting up manufacturing facility of two lakh spindles capacity whereas the balance would be invested in Baddi, (Himachal Pradesh) to increase its production capacity to 50,000 spindles, informed Jain.

After the completion of the proposed investments, Vardhman Group's capacity would increase to 7.5 lakh spindles and fabric production to 90 million meters by 2007, from 28 million meters which is being produced at present, he said.

Fund raising for the planned expansion projects, is proposed to be generated through Foreign Currency Convertible Bonds(FCCB), Technology Upgradation Fund (TUF) and the internal accruals mode,said Jain.

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