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Mumbai , March 3

INDO Rama Synthetics (I) Ltd (IRSL) announced on Thursday that it had signed a long-term loan of Euro 54 million (Rs 307 crore). The loan was sanctioned by IKB Industriebank Aktiengesellschaft, Düsseldorf, Germany, through offshore financing.

According to the release, IRSL also recently signed a loan agreement for Euro 20 million (Rs 114.46 crore) from DEG of Germany.

The funds will be utilised to expand IRSL's capacities at Butibori near Nagpur in Maharashtra. The work, which involves setting up of a new plant and will double the company's polyester staple fibre (PSF) and partially oriented yarn (POY) capacity from 3 lakh tonnes per annum to 6 lakh tpa, has already commenced.

Commenting on the occasion, Mr O.P. Lohia, Chairman and Managing Director, Indo Rama Synthetics (I) Ltd, said, "The new plant will commence operations by early 2006, which will help us leverage emerging business opportunities in the man-made fibre industry pursuant to the withdrawal of the textile quota system with effect from January 1, 2005."

Asia's share of the polyester industry is expected to continue its rise. The company's expansion move will enable it to strengthen its position in the global market.

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