Abhishek Industries Ltd, the flagship company of the Rs 2,500-crore Trident Group, is aiming to clock a turnover of Rs 800 crore in the next two years from its yarn business by expanding its reach to the southern market.
"We are aiming to reach the sales of Rs 800 crore by 2010-11 fiscal-end," Abhishek Industries Business Head (Yarn) Rajiv Gupta told PTI here today.
In 2008-09, the firm is estimating total sales at Rs 440 crore and by 2009-10 it would reach the Rs 630-crore mark, he said.
The Punjab-based company has also announced the commencement of commercial production of the first phase of its Yarn Spinning unit at Budni, Madhya Pradesh.
"The first phase of yarn project, having 50,400 spindles with the production capacity of 7,098 million tonne (MT) of yarn, is ready for commercial production," he said.
The company is expecting that the second phase of the unit, involving additional 50,400 spindles, would be operational by 2009-10.
The company had proposed to invest Rs 373.70 crore for setting up a yarn facility, with a total spindle capacity of 1,00,800 in Madhya Pradesh, and it is company's first project set up outside Punjab. Post completion, this unit would generate a turnover of Rs 280 crore.
"The site is ideally located to enable progressive business growth due to its proximity to port, easy availability of skilled labour, cheap power cost, better quality of raw material and conducive climate conditions," he said. Moreover, it would also enable the company to penetrate into the southern markets.
"Definitely, this unit will cater to southern markets such as Mumbai, Nagpur and other adjoining states," he informed.
This new unit has adapted latest state of the art technology and has flexible product lines and can make variety of products. Apart from manufacturing 100 per cent Cotton Yarn the unit is capable for making value-added products like Elastane Yarns, Slub Yarns and Compact Yarn.
Abhishek Industries has a yarn facility in Barnala in Punjab.
Trident Group has businesses interests in Cotton Yarn, Terry Towels, Paper, Energy, Chemicals and Information Technology. About 75 per cent of their textiles are exported to highly competitive and quality conscious markets of Europe and the US.
