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Gangotri Textiles of Coimbatore to go public, to expand

12
May '06

Gangotri Textiles Limited based at Coimbatore, will enter capital market to raise Rs 55 crore.

The issue opens on May 18, 2006 and closes on May 23, 2006

The company hopes to part-finance its Rs 351-crore investment strategy, covering development-cum-adding spinning, weaving, processing, garmenting and windmill installation and capacities, through this public issue.

Additional monies for the escalation of project would be funded from rupee term loans from banks and other financial institutions.

The company will enlarge and plan future integration by setting up two new entity - a ring spinning unit of 19,200 spindles and another unit of 31,200 spindles capacity - which will produce polyester cotton yarn.

It plans to add 20 new products and recover its market share by selling through its network of 750 retailers from all parts of the country.

Manoj Tibrewal, Managing Director, GTL, said that his company has launched a development plan particularly for garments, as there is a soaring demand in the domestic and foreign markets.

A few years back when they undertook the garments business, they understood that the US and European market required steady supplies of finished garments.

They have built their brand over a period of time and at the moment want to expand further, he added.

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