Nitin Spinners to set up thermal power plant soon

Mumbai, Mar 30 (UNI) Nitin Spinners will be setting up a 10 MW thermal power plant shortly, besides installing the latest technology spinning machines with an aim of reducing its cost of operations.

A release issued here today said this will be done through an additional capex plan of Rs 55 crore, which will be financed through internal accruals and term debt under the Central Government's technology upgradation fund (TUF).

The new power plant will cater to the power requirements of the existing and proposed spinning plants of the company.

With this additional investment, Nitin Spinners has enhanced its project size from its earlier Rs 150 crore to Rs 205 crore, the release said.

The company is already implementing a project of 50,400 spindles, 12 knitting machines and 8.18 MW power projects, for which it came out with its IPO in January this year.

Post-expansion, the installed capacity of the company will be 77,616 spindles, 1,872 rotors and 27 knitting machines with a 21 MW of captive power facilities, the release added.

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