Sutlej Textile plans expansion of J&K plant investing Rs.175 cr

YarnsandFibers News Bureau 2014-02-04 11:45:00 – Mumbai

Sutlej Textiles and Industries, one of India's leading textile producers with a value-chain extending from yarns to fabrics to home textile. As part of their expansion and modernization plan would be investing Rs.175 crore in their dyed yarn unit in Jammu and Kashmir. It will add 31,000 spindles to the existing 2,60,000 spindles.

SK Khandelia, CEO and President said that they have taken a term loan of Rs.131 crore and another Rs.44 crore will be used from internal accruals for this expansion project.

The company has two more home textile and synthetic fabric units. The Rs1,500-crore company has been doing well even at a time when the textile industry is adversely impacted by the economic slowdown.

They have been growing at 10-12 per cent annually focusing more on the domestic market. Also, they have de-risked their business by getting into different kind of products in textiles so that if one doesn’t work the other will, Khandelia said.

The company is looking for opportunities in the technical textile segment and specialised purpose textiles (used in making fire-resistant suits and those meant for high altitudes and vehicle upholstery).

Sutlej, Mumbai-based headed by SC Nopany, Birla’s grandson was once a KK Birla group. Nopany took over as the Chairman of Sutlej after Birla’s death in 2008. Nopanys hold about 64 per cent stake in the BSE-listed company.

The company has targeted a turnover of Rs.1,840 crore for this fiscal.

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