Ludhiana-based SEL Manufacturing Company Limited has planned Rs 800 crore textile plant near Bhopal, Madhya Pradesh.
Making an announcement in this context here today, Chairman and managing director, SEL Neeraj Saluja said that the spinning plant at Madhya Pradesh would have an installed capacity of 195840 numbers of spindles.
“To continue this aggressive growth, the company plans to raise $50 million through global depository receipts (GDR). In the first phase of GDR, the company has already raised $10 million and is in the process of coming out with second phase of GDR, which would be completed in around next 10 days,” Saluja said.
Figuring in BSE at 532886 |NSE: SELMCL| ISIN: INE105I01012, SEL’s total installed capacity would cross 4 lakhs mark, making it one of largest textile companies. It would help the company to be self dependent in terms of yarn for its ever growing demand of knitted garments and terry towel.
Company has strong footing in product development, manufacturing and marketing coupled by most significant advantage in textiles that SEL makes its own yarns and fabrics to meet quality and shipment time of garments.
“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 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.
Company has achieved net sales of Rs 648.28 crore as on December 31, 2009, which is 47 per cent higher than the sales of Rs 439.73 crore achieved in the same period last year. The net profit of the Company has also grown by 61 per cent, from Rs 38.74 crore as on 31.12.2008 to Rs.62.46 crore as on 31.12.2009.