Amartex to set up agro processing unit in Punjab

Textile manufacturer Amartex Industries Ltd will set up an agro processing project at Lalru in Punjab, a company official said here today.

"The Punjab government has approved the project and the company is in the process of acquiring 80 acres for the purpose," Managing Director Arun Grover said.

Grover said the company proposed to invest Rs 250 crore in the expansion of its Gurgaon and Ludhiana garment projects. The two projects have a capacity of 10,000 garments a day and 10,000 knitted fabric per day, respectively.

He said the company also planned to expand its retail chain from 58 to 150 outlets. "The aim of the company is to provide garments, FMCG products and agro goods at the lowest possible price," he said.

Grover said the company had already set up a food processing unit at Panchkula on 4 acres.

"Pulses, rice, spices storing, packaging is done by the company at the Panchkula unit and the materials are purchased directly from the growers," he said.

He said the company was also in the process of launching a brand of flour.

Grover said the projected target of the company this fiscal was Rs 300 crore compared to Rs 180 crore achieved by it in 2006-07.

He said the company was also undertaking an expansion plan with a capital outlay of Rs 180 crore which will be financed through a proposed IPO being launched shortly.