Lakshmi Cotsyn to set up JV/susidiary in UAE

New Delhi, Sep 1 (UNI) Kanpur based textile company Shri Lakshmi Cotsyn Ltd today said it intends to set up a joint venture or subsidiary' in United Arab Emirates in this month, for which it has received the board's approval.

The entity at SAIF Zone, UAE, will enable the company in exporting, importing, assembling, packaging and manufacturing of various products.

Lakshmi Cotsyn's Chairman and Managing Director M P Agarwal has been authorised by the BoD to take the necessary steps for incorporating and arranging other infrastructure for the purpose.

Earlier, the company announced its plans to enter into the business of garment industries by way of setting up a garment manufacturing unit at Rorkee, Uttaranchal having a capacity of 10,000 trousers, 5,000 shirts and 5,000 ladies wear per day.

Incorporated in 1988, the Rs 282-crore firm, with two manufacturing facilities in Fathephur (Uttar Pradesh) and Sonepat (Haryana), had invested Rs 264 crore last year, to equip its production facility for entry into the denim and terry towel, bed linens and cotton rich segment.

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