Minar to set up unit in TN

Chennai, Sep 21 (UNI) Minar International Limited, a leading exporter of made-ups to the US markets, has proposed to set up a "wider width" processing unit at Perundhurai in Erode District of Tamil Nadu at an investment of about Rs 73 crore.

Addressing a press conference here in connection with company's entry into the capital market, Minar International Limited Chairman U K Nambiar said the company had acquired 22.13 acre of land at the SIPCOT Industrial Growth Centre and the processing unit would commence production in May 2007.

Initially, the unit could process and finish 60,000 metre per day of bleaching or dyeing of light, medium, dark shades, he said adding the unit would have the state-of-the-art processing machinery imported from leading European manufacturers.

Confirming to the environmental specifications, the proposed unit would have zero discharge Effluent Treatment Plant and around 70 per cent of the water used would be recycled.

The unit would also have a caustic recovery plant to recover and re-use the caustic lye solution in mercerizing, Mr Nambiar said.

The processing unit was being set up to meet the growth requirements in home textiles exports and enable the company have its own full fledged facilities of processing, cutting, sewing and packing.

The company would source the grey fabrics woven in Erode and Salem Districts, he added.

The company would enter the capital market on September 25 with an IPO of 69,23,077 equity shares of Rs ten each through 100 per cent book building process in the price band of Rs 108 to Rs 155 per equity share.

The issue would close on September 29 and the proceeds of about Rs 79 crore would be mainly used for setting up the processing unit.

UNI WS GM 1611