Nitin Spinners achieves fin'cial closure of Rs 208 cr expansion plan

Mumbai, June 22 (UNI) Nitin Spinners Ltd, a cent per cent export oriented unit (EOU) of cotton yarn and knitted fabrics, has announced the financial closure of its Rs 208 crore expansion plan.

The expansion is financed through public issue, internal accruals and term debt under the Technology Upgradation Fund Scheme (TUFS) scheme, said an official release.

Of this, fund requirement of Rs 135 crore has already been addressed by IDBI, Punjab National Bank, State Bank of India, Oriental Bank of Commerce and Indian Overseas Bank, while Rs 49 crore has already been raised through public issue in January this year and the balance of Rs 24 crore will be infused from internal sources.

As the company had placed orders well in advance, there will be timely delivery of machines. ''We are now poised on a threshold of new growth in our company as the expansion plan is in place and on schedule. When completed it will put us in a new league. Also with the ending of TUFS, this year, we are in time for accruing benefits from it now,'' said Mr R L Nolkha, Chairman&Managing Director, Nitin Spinners.

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