Pradip Group plans Rs 720 cr textile park near Ahmedabad

Pradip Group is coming up with a new hi-tech textile park in Sanand near Ahmedabad.

The group is investing around Rs 720 crore for this park. The park will mainly focus on export of garments, fabric and home textiles. It will start operating from 2007.

"The park will be named Pradip Hi-Tech Textile Park Ltd. The group has acquired around 200 acre for this purpose," said Pradip Karia, founder of the group.He also said the group will invest the amount in different phases.

"In the first phase, we will invest around Rs 110 crore and the remaining will be invested later," said Karia, adding that 65 per cent of the total is funded by four banks.

For further investment, the group has decided to raise fund through initial public offer. "We will raise around Rs 205 crore through IPO by August 2006," said Karia.

"The park will have separate units for weaving, spinning, processing and to get the final product," said Karia.

He also said in India textile companies mainly prefer south India or north India for spinning, weaving or knitting.

"The establishment of this park will make it the largest weaving and spinning unit in western India," claimed Karia.