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HYDERABAD: Suryalata Spinning Mills Ltd (SSML) has informed the stock exchanges that it is in the process of expanding its capacities from the existing 57,000 spindles to 64,000 spindles.

The company said it proposes to undertake modernisation and expansion programme at its facilities located at Kalwakurthy in Andhra Pradesh and Ramtek in Maharashtra.

According to the company, the proposed project would cost Rs 18 crore-Rs 20 crore. The company's application to Industrial Development Bank of India and State Bank of India for financial assistance has been in-principle approved.

The company proposes to complete the project by the end of current fiscal. The benefits of the project would start accruing from the next financial year, the company said. Following the completion of the modernisation and expansion programme, the company expects its turnover to increase to around Rs 200 crore and also a growth in the export turnover.

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