Vertex embarks on Rs 512 cr expansion in MP, Maharashtra

New Delhi, Sep 29 (UNI) Vertex Spinning Ltd today said it has undertaken a major expansion programme of its mill in Madhya Pradesh besides starting Cotton spinning plant at Nardhana Industrial area in Maharashtra at a combined cost of Rs 512 crore.

At its acrylic spinning mill in Pithampur, Madhya Pradesh, the company has updated the plant and machinery besides increasing the capacity to 25,000 spindles.

After the completion of expansion of this plant, the company has became one of the top three acrylic blankets manufacturing mills in the world. It has also established itself as a strategically located quality supplier of the blankets in to the whole of the country as well as Africa, US, UK, Australia, Canada and all Asian countries including West Asia, a company statement said.

In Maharashtra, Vertex has acquired 100 acres of land to start cotton spinning mill and has started construction activity at Nardhana Industrial Area.

It has obtained license from the Union Government for cotton spinning of 1,60,000 spindles and is expected to commence its production of Phase-I of 80,000 spindles by March 2007.

The company started exporting its new products of Acrylic Mink Blanket under the brand name ''DIANA'' during the current year.

''Though Spain is considered as market leader of Mink Blanket in the world, there is heavy demand for the company's blanket from Spain and UK, resulting into engagement of mill at full capacity for next two years, whereby the profitability will increase substantially,'' the statement added.

After completion of cotton spinning project the company is expected to earn a net profit of Rs 51.11 crores.

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