Chennai, May 3
Mr S. Shreenivasa Rao, who has resigned as Director, TVS Electronics, is putting up a Rs 60-crore textile spinning unit called Spads Textiles near Vijayawada in Andhra Pradesh. Mr Rao told
Business Linethat in the first phase Rs 30 crore would be invested and the remaining in the second stage. Mr Rao said he would bring in his personal money, and also seek funds from banks for the project, which is likely to begin in December. In the first stage, the unit would have 15,000 spindles and in the second stage the production would be doubled. The company is talking to an Italian company for a joint venture to buy spindles, he said.