Visakha Ind to set up cotton spinning mill near Hyd

Visakha Industries Limited is setting up a cotton spinning mill near Hyderabad at an estimated cost of Rs 100 crore.

With a production capacity of over 50,000 spindles a day, the proposed unit is expected to commence operations in the first quarter of the next calendar year, according to G Vivekanand, managing director of the company.

Besides the spinning mill, the company's plans to set up two asbestos cement sheet manufacturing units at Vijayawada and Ahmedabad are also in progress.

Speaking to the media in connection with the announcement of the third quarter results, Vivekanand disclosed that the company could attract several overseas orders for the 200-machine garment facility recently set up at Chennai. The unit is already implementing an order from Italy.

The company is also in talks with Reid & Taylor to cater to its Indian market base.

The main focus, however, was export market, he said, adding that the capacity of the facility would be enhanced to 1,000 machines in one-and-a-half years.

Responding to a question, Vivekanand said the expansion of garment manufacturing operations to Hyderabad would be considered once the garment manufacture base was established in the city.

The Rae Barelli unit of cement asbestos sheets set up by the company at an investment of Rs 30 crore started commercial production from January 1 this year.

With this, the total installed capacity of the company had gone up from 3.20 lakh sheets to 4 lakh sheets, he said.

"The Vijayawada unit, which is being set up with Rs 30 crore, is scheduled to be completed in October 2006, while the Ahmedabad unit would take one more year from the date of completion of the Vijayawada unit to commence operations," Vivekanand added.