Sangam India bags Rs 70 cr new orders

Mumbai, Apr 4 (UNI) Textiles company Sangam India has bagged new orders worth Rs 70 crore taking its total orders in 2005-06 to Rs 100 crore.

This comprise export orders worth Rs 30 crore from Egypt, Poland and United Kingdom and domestic orders of Rs 40 crore, the company said in a release, adding the orders will be executed in the next three months.

Meanwhile, Sangam said its Rs 541-crore expansion plan is progressing on schedule with installation of 20,000 cotton spindles and 90 weaving machines, which started operations by March 31.

Plans are afoot to install additional 40 weaving machines, a captive 21 MW thermal power plant and additional processing machine, the company said, adding the plan is being funded by bank loans. The company will get a five per cent interest subsidy on the loans under the Technology Upgradation Fund Scheme (TUFS) of the Central government, the release to BSE said.

The company chairman R P Soni said it recorded a 100 per cent growth in sales at Rs 86 crore in the just-concluded financial year as compared with Rs 42 crore in 2004-05.

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