Sintex Industries Limited a Gujarat based company to set up a greenfield textiles processing plant including spinning and knitting at Pipavav port in Amreli district for which the company would be making an investment to the tune of around Rs 5500 crore. They intend to complete this project by 2017-18. The plant will be set up phase-wise and it will be the 10th plant of Sintex Industries in the country.
Amit Patel, group managing director of Sintex Industries speaking on the sidelines of INTEXCON 2014, a three-day international conference on textiles said that so far, their existing spinning capacity was for captive consumption but now they want to get into commercial production. The upcoming Pipavav plant will have one million spindles, 2,400 weaving machines and a capacity to churn out 600 tonne of knits.
Elaborating further on the project, Patel said that the multi-fibre plant will see commercial production through spinning, knitting and weaving of various fibres like cotton, polyester, viscose and spandex, among others.
The greenfield plant that will see 60-80 percent exports There is a huge opportunity in global textiles due to the share vacated by China They also hold huge opportunities to process cotton into value-added products and maximise the revenue on per kg of cotton. They want to maximise the same.
Patel stated that the Rs 5500 crore investment would be funded through equity and other sources.
The first phase will commission in March 2015. Every two months they will be adding 100,000 spindles at the plant. We expect Rs 9000-10,000 crore worth sales from the plant by 2017-18 when the plant fully commissions. The company would be employing roughly 7000 people along with 1000 technicians at the plant, of which 40-50 percent would be women.
While the company posted a turnover of around Rs 6400 crore for the year 2012-14, Patel said that the company anticipates a 20 percent growth and expects to cross Rs 7000 crore mark for 2014-15.
Recently the company's Board of Directors have approved exploration of the possibility of setting up a new spinning unit wherein Sintex Industries Limited was mulling a 320,000 spindle project. The company had also been conducting a techno-feasibility study on the project.
Shares of Sintex Industries were up nearly 2% at Rs 101 after the company said that it plans to invest Rs 5,500 crore in a greenfield textiles plant including spinning and knitting at Pipavav.
Sintex Industries is already into textile business in Gujarat with one of their plants located in Kalol town near Gandhinagar.
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