Pratibha Syntex on expansion mode at Rs 349 cr

Mumbai, May 21: Indore-based fully-integrated apparel and textile company Pratibha Syntex has charted a four-phase Rs 349 crore expansion plan for the terry towel, spinning, knits and its gas based power project at Pithampur near Indore, which would be operational by April-October 2007.

Out of the total project cost of Rs 349 crore, term loans have been envisaged at Rs 233 crore and remaining cost of Rs 116 crore would be funded by way of equity and internal accruals from the existing operations.

Talking to UNI, Company managing director Nirmal Suchanti said, ''The Company plans to produce 12,000 tons per annum of terry towel in the first phase of operations using organic cotton. These towels are priced at a premium of 20-25 per cent.'' ''The terry towel project comprises of 76 air jet looms and the total capital outlay of this project would be Rs 217 crores,'' he added.

Under the knitting project, the Company plans to increase capacity by 5783 tons per annum, producing leisure wear and inner wear at 10,600 and 3000 pieces per day respectively.

Besides, the open-end spinning project will have a total installed capacity of 12,376 tons per annum. The total capital outlay for the project has been envisaged at Rs 54.51 crore.

The Company plans to come up with a 6-MW captive power plant to meet the requirements of the existing and proposed facilities of the company to be installed in the existing premises. The cost of the power project is Rs 18.01 crore.

UNI