Century plans mill in Gujarat

Century Textiles & Industries is planning to set up a cotton mill in Gujarat, while deciding to downsize its textile mill in Mumbai.

The investment in the cotton mill would be funded through a mix of internal accruals and debt. The company is pursuing growth plans in Gujarat and would set up a cotton mill in Gujarat at a cost of Rs 500 crore, B K Birla, chairman, Century Textiles & Industries, said.

The Gujarat government was extremely proactive and would allocate land over the next 3-4 months. The cotton mill would be completed by the end of next year, Birla said.

The company will  progressively reduce production at its textile mill in Mumbai where currently about 1200 looms and 77,000 spindles are in operation. The decision to cut down operations was due to the high taxes and water charges, Birla added.