Suryajyoti to enter infra sector

Suryajyoti Spinning Mills Limited, a Hyderabad-based yarn manufacturer, is diversifying into the infrastructure business.

A resolution to this effect has been passed by the company's shareholders at their AGM held on September 28, 2007.

The company is in talks with several entities and proposes to unveil its plans for this business shortly, Suryajyoti informed the Bombay Stock Exchange (BSE) on Monday.

"Recognising the need to improve infrastructure, the government has announced commitments to build large infrastructure projects through significant public expenditure and with the help of private partners. During the next five years, over $300 billion investments in infrastructure are expected. The company is keen to capitalise on the opportunities present in the sector," the release added.

The opportunity in Andhra Pradesh where Suryajyoti operates is in itself significant in view of the irrigation and infrastructure projects being taken up in the state.

At present, major projects like the outer ring road, satellite townships and the international airport are under way.Suryajyoti, in collaboration with an Italian textile major, is setting up a facility on the outskirts of Hyderabad.