Ludhiana-based SEL Manufacturing Company Ltd plans to set up Rs 800-crore textile plant near Bhopal, Madhya Pradesh. chairman and managing director, SEL Neeraj Saluja said the spinning plant in MP would have an installed capacity of 1,95,840 spindles.

"The company plans to raise $50 million through global depository receipts (GDRs). In the first phase of GDR, the company has already raised $10 million and is in the process of coming up with the second phase of GDR, which would be completed in around next 10 days," Saluja said.

SEL's total installed capacity will cross 4 lakh mark, making it one of largest textile companies.

"We are in talks with investors at different levels for our new expansion plans that will bracket SEL as one of the top player in the textile industry across globe," he remarked talking about the expansion plans.

The growth in sales has been achieved through a slew of expansions and acquisitions elaborated. Profits of the company have been improving due to addition and expansions of value added products like terry towel and knitted garments.

The company has achieved net sales of Rs 648.28 crore as on December 31, 2009, which is 47% higher than the sales of Rs 439.73 crore achieved during the same period last year.

The net profit of the company has also grown by 61%, from Rs 38.74 crore as on December 31 2008 to Rs 62.46 crore as on December 31, 2009.

Source: Financial Express