Financial Daily from THE HINDU group of publications
Tuesday, Jan 25, 2005
Financial Daily from THE HINDU group of publications Tuesday, Jan 25, 2005 |
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Corporate
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New Projects Century Textiles to expand paper and denim units Our Bureau
Kolkata , Jan. 24 CENTURY Textiles & Industries Ltd on Monday announced a major capacity expansion plan for its paper and denim manufacturing facilities worth Rs 525 crore. The capacity of the paper factory will be increased by 75,000 tonnes per annum from the existing level of 37,250 tonnes per annum. The factory is located in Lalkua district near Nainital in Uttaranchal. For the denim plant, located near Indore in Madhya Pradesh, the capacity will be increased to 21 million metres per annum from the present level of 11 million metres per annum. According to a senior official of Century Textiles & Industries, funds for the expansion programme would be generated partly from internal accruals and partly from loans from banks and financial institutions. "The board has just cleared the capacity expansion proposal. It will take some time at our end to prepare the papers and then we will start talking to the financial institutions," the official said. While the expansion of the paper factory is scheduled to be completed over a period of 18-24 months, capacity enhancement of the denim plant will require one year and it is likely to be ready by the beginning of 2006. Century is also setting up a 4-MW power plant along with the expanded denim unit. In its notice to the stock exchanges, Century Textiles stated that the paper plant would be using waste paper and other unconventional items as its raw materials. "Technology for the proposed expansion is already available with us. The machinery we will have to buy and some it will be imported," the official said.
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