Mahavir Spinning plans Rs 1,600cr capex

The board of directors of Mahavir Spinning Mills, which met yesterday, has approved proposals for expansion-cum-modernisation worth Rs 1,600 crore.

According to a release issued by Mahavir Spinning Mills to the BSE today, the company will invest Rs 540 crore for expanding/ modernising the existing capacities of spinning, weaving and fabric processing at Himachal Pradesh and Punjab units.

The company also plans to invest Rs 1,075 crore for doubling the fabric processing capacities, and setting up additional facilities for spinning and weaving in Madhya Pradesh, the release added.

"The implementation of the projects will be in phases, and is expected to extend up to 2007-08," the release added.