The Hindu Business Line : Ginni Filaments plans Rs 204-cr expansion

GINNI Filaments Ltd, a manufacturer of yarn and knit fabrics, plans to invest Rs 204 crore to expand its spinning facility and set up a new unit for non-woven fabrics.

The company plans to expand its two spinning facilities at Chhata in Uttar Pradesh and Bharuch in Gujarat. After the expansion, its spinning capacity will go up to 70,000 spindles from the existing 54,000.

The company also plans to set up a manufacturing plant for non-woven fabrics at its Bharuch facility with a capacity 12,000 tonnes a year. The project is likely to be completed by October next year, according to a company release.

For the expansion, Ginni Filament is getting Rs 144 crore from SBI Capital Markets Ltd under the Technology Upgradation Fund Scheme. Another Rs 60 crore will be obtained through public equity, for which it has filed a red herring prospectus with SEBI.

The demand for non-woven fabrics is still low in the country, but is likely to go up in the near future.

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