Hyderabad-based Suryalakshmi Cotton Mills Limited, a vertically-integrated textile manufacturing company, commenced operations of its 25-Mw captive power plant at its denim division near Ramtek, 57 kilometre from Nagpur in Maharashtra, the company said in a filing to the BSE on Thursday.
The company, started in 1962 with 60,000 spindles to manufacture cotton and blended yarns, is planning to raise Rs 100 crore under the Centre’s Technology Upgradation Fund Scheme (TUFS) this year to set up a new spinning unit at Nagpur at a cost of Rs 150 crore.
The proposed facility will have a capacity of 50,000 spindles, and will be commissioned in two phases by 2014. The company plans to fund the expansion through a mix of debt, equity and internal accruals, Paritosh Agarwal, managing director, Suryalakshmi Cotton Mills, had earlier told Business Standard.
Suryalakshmi Cotton’s scrip surged 2.46 per cent to end the trade at Rs 76.95 on the BSE on Thursday, over the previous close of Rs 75.10.
