Gangotri Textiles to invest Rs 350 cr for expansion

New Delhi, Nov 8 (UNI) Coimbatore-based Gangotri Textiles Ltd today said it has plan to set up a weaving and processing unit at Perundurai, expand spinning unit at Udumalpet and install three wind mills in Udumalpet Taluk with an estimated cost of Rs 350 crore.

In the weaving and rocessing unit at Perundurai, few machines have already been installed and the company have performed a pooja on November 3, 2006 and started a trial production of Grey Fabrics with Picanol Looms, a company statement said.

Balance Looms, Dyeing and Processing Plant is expected to be fully commissioned and start commercial production by January 2007, it said.

With a view to meet out the cost of the project, the company went in to public issue to the extent of Rs 55 crore as well as with term loans from financial institutions to the extent of Rs 295 crore.

The fund raised as above has been utilised for implementing the project and the civil work of the above projects are nearing completion.

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