PSM to set up 25 cr unit I garment manufacturing

New Delhi, Apr 12 (UNI) Priyadarshini Spinning Mills Limited (PSM), today announced its foray into garment manufacturing and said it will invest Rs 25 crore to set up a shirt manufacturing unit near Hyderabad.

The company has already purchased 12 acres of land for setting up the project. Initially Rs 15 crore will be invested in setting up the project and an additional Rs 10 crore will be pumped in the later stages for doubling the production capacity.

The plant will eventually produce 8500 shirts per day.

Commenting on this, PSM Managing Director Harish Cherukuri said, ''there is a high demand for quality garment factories.

Our factory is scheduled to commence production by December and company is planning to target brands like Zara, Gap,&Tommy Hilfiger.

The Hyderabad-based company, which has reported a turnover of Rs 140 crore in the year 2004-05, has a capacity of 60,000 spindles which will be increased to 82,000 by May, 2006.

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