Financial Daily from THE HINDU group of publications
Thursday, Nov 11, 2004
Financial Daily from THE HINDU group of publications Thursday, Nov 11, 2004 |
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Corporate
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Announcements Schoeller Tech plant starts operations Our Bureau
MUMBAI: Schoeller Technologies, a subsidiary of Swiss company Schoeller Textil AG, has set up a unit in Navi Mumbai. It has commenced production at 40 per cent of the plant's capacity utilisation. The unit was set up at a cost of Rs 5 crore and is expected to produce about 75,000 meters a year of premium fabrics. The company hopes to raise this to 4.5 million meters in three years. According Mr Franz Albers, Chairman of the board of Schoeller Textil and partner in Albers & Co, "We want to combine the Schoeller knowhow and the potential of the Schoeller brand with the competitive and dynamic business environment for textiles in India and this combination will give us huge potential for future business development. This is the core idea behind our decision to come to India and to establish Schoeller Technologies India." The plant is expected to act as a hub for many global textiles and garment manufactures to process their fabrics from India, taking advantage of the cost benefit and fast growing knowhow.
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