Nakoda Textile inks MoU with IL&FS Cluster Development

New Delhi, Aug 30 (UNI) Nakoda Textile Industries Ltd today said it has floated a Special Purpose Vehicle(SPV) named Surat Super Filament Ltd with the objective of purchasing Partially Oriented Yarn (POY) from the market.

The 'yarn' is to be processed at textile park units before being sold as 'texturised yarn' in the market.

As a part of this project Nakoda has signed a MoU with IL&FS Cluster Development Initiative Ltd, a wholly owned subsidiary of IL&FS Ltd, a leading institute in the field of infrastructure development and the nodal agency for integrated textile park scheme approved by the Ministry of Textile, said a statement.

The MoU calls for assisting the SPV in development of business and financial plan. The equity participation of above SPV will see Nakoda Textile Industries Ltd holding 55 per cent and IL&FS Cluster Development Initiative Ltd holding 25.70 per cent and balance 19.30 per cent will be subscribed by textile park entrepreneurs.

UNI