Financial Daily from THE HINDU group of publications
Tuesday, Jun 06, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jun 06, 2006 |
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Corporate
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New Projects Suryajyoti Spng completes phase-I expansion Our Bureau
Hyderabad , June 5 Suryajyoti Spinning Mills Ltd, a Hyderabad-based manufacturer of wide range of yarns, has announced that it has completed the first phase of its planned expansion programme. In a press release here on Monday, Suryajyoti said it has added 7,056 spindles at its existing Makthal unit to manufacture value-added yarns such as multi-fold and combed yarns, for which the company sees increasing demand. This addition in capacity takes its installed capacity to 62,416 spindles. As a part of the project, the company has also completed the modernisation of existing yarn manufacturing infrastructure, which is now expected to contribute to improved production quality and greater realisations. This project has been completed within the budget of Rs 28 crore, with about 80 per cent debt finance. The company said it has utilised benefits available under the Government's Textile Upgradation Fund Scheme. Commenting on the expansion, the SSML Executive Director, Mr A.K. Agarwal, said, "With its expanded range of products, Suryajyoti will cover a wider spectrum of the value chain and achieve more visibility in export markets."
Further expansion
The company said it is also implementing its further capacity expansion initiatives in a phased manner. It has initiated the process of adding 25,200 spindles, geared towards the production of higher counts of cotton at a new facility being commissioned at Rajapur in the Mahabubnagar district of Andhra Pradesh. The project cost of Rs 48 crore would be 73 per cent debt-financed. Following this capacity enhancement, expected to be commissioned by October, the company's installed capacity would increase to 87,616 spindles, which would almost be equally distributed between low/medium count cotton yarn, high count cotton yarn and synthetic/blended yarn. Further, the company said it has plans to set up a unit near Hyderabad to manufacture bottom weight fabrics.
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