State-owned National Textiles Corporation (NTC) today said its sales turnover is likely to touch the Rs 2,000-crore mark by 2013-14 from Rs 675 crore last fiscal.
“We aim at Rs 2,000-crore turnover from core business by 2013-14. The way we are moving, it is not an impossible task,” the NTC Chairman, Mr K. Ramachandran Pillai, told PTI.
The company had reported nearly four-fold increase in its total income in FY’11 to Rs 2,741 crore. However, a lion’s share in that (Rs 2,011 crore) was contributed by the proceeds of sale of mill lands in Mumbai and Ahmedabad.
Revenue from its core operation though grew by 40 per cent over the previous fiscal to Rs 675 crore.
Mr Pillai said decks are ready for the company to move from a single product firm (yarn) to the entire spectrum of textile business — spinning, processing, garmenting and weaving.
Apart from spending Rs 1,000-crore capex during the current fiscal to jack up the spinning capacity to 7.8 lakh spindles from 6.4 lakh now, NTC is also set to expand its business in the readymade garment business by this fiscal-end.
“We will produce garments at our integrated units in Hassan (Karnataka) and in Amravati (Maharashtra),” Mr Pillai said.
Sensing that the expansion into the growing business will provide the much-needed boost on its topline, NTC also plans to revamp its 92 retail outlets, 37 of which are profit-making now.
The company would also invest Rs 425 crore in association with a joint venture partner to foray into the manufacturing of technical textiles to cash in on the burgeoning demand from healthcare and infrastructure sectors.
Mr Pillai said the joint venture firm would set up two units — one each in Northern and Southern India — and the land required for putting up the plants have already been acquired.