Financial Daily from THE HINDU group of publications
Monday, Aug 23, 2004
Financial Daily from THE HINDU group of publications Monday, Aug 23, 2004 |
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Corporate
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Announcements SNQS forays into spinning; plans to enter processing G. Gurumurthy
Coimbatore , Aug. 22 THE Tirupur-based SNQS group, which is into apparel manufacture and exports, has forayed into spinning. It plans to enter processing to complete its backward integration. The group also runs a 100 per cent export-oriented socks manufacturing unit. It has set up a 12,000-spindle spinning unit at a cost of Rs 20 crore under the name of Jeyavishnu Spintex Pvt Ltd near here. The company is setting up a modern processing house at the SIPCOT industrial development centre at Perundurai near Erode at an investment of Rs 10 crore, which is expected to be through in a year's time, according to the Chief Executive Officer Mr V. Satish. The new spinning unit, which will produce hosiery yarns in the 20s/24s/25s and 30s count range, has a capacity to produce 7,500 kg of yarn per day. The yarn production facility will help the SNQS group meet its raw material requirement for its in-house apparel and sock production, thereby enhancing its product quality and delivery besides bringing down its manufacturing cost, Mr Satish told Business Line. The group's investment in spinning and textile wet processing facilities will vertically integrate the group's existing business activities of apparel sourcing/manufacture and sock production. Essentially a garment buying house of two-decade-old exposure, SNQS's flagship company in Tirupur, SNQS International, sources apparels from the Tirupur knitwear-manufacturing cluster on behalf of its foreign principals, which represents ten major European garment buyers. The 100 per cent EOU sock unit, which produces 7.2 lakh pair of socks per week, plans to double its turnover from last year's Rs 10 crore to Rs 20 crore in the 2004-05 fiscal, Mr Satish said.
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