Sangam's Rs 540 crores expansion in full swing
Jaipur, Apr 20 (UNI) Bhilwara- based Sangam (India) Ltd, having a client base like Raymond, Reid&Taylor, Siyaram and Grasim, is implementing its Rs 541 crore expansion programme funded by a mix of debt and equity, company sources said here.
''The company's Rs 541-crore expansion plan is progressing as per schedule with installation of 20,000 cotton spindles and 90 weaving machines having started operations by March 31,'' Sangam (India) Managing Director S N Modani said.
The company will install additional 40 weaving machines, a captive 21 MW thermal power plant and additional processing machine under the proposed expansion project, he said.
A five per cent interest subsidy on the loan amount under the Technology Upgrade Fund Scheme (TUFS) by the Central government would be given to the firm.
Elaborating company's future growth strategy, Mr Modani said, ''We plan to focus on exports and defence garment market in the post quota scenario. We have received good export inquiries from a number of large international firms on account of low-cost advantage.'' The company's export order book position stood at Rs 100 crore as on March 31, 2006, which included fresh export orders worth Rs 30 crore from Egypt, Poland, and United Kingdom.
Further, the company has bagged orders worth Rs 40 crore from large domestic manufactures. These orders are to be executed in the next three months.
Sangam (India) is the largest manufacturer of polyester dyed yarn in the country. The company has a strong presence in the Indian synthetic blended fabric segment with brands like Anmol and Sangam.
Its fabric is marketed through a network of 100 dealers and 1000 retailers.
UNI XC CS HT1410