INDIA: SLCL to spend Rs 800 cr on expansion, buyouts
Diversified textile company Shri Lakshmi Cotsyn (SLCL) is planning to invest Rs 800 crore for diversification of existing verticals and acquisitions of mills over the next three years.
The company is set to work on backward expansion of its existing facilities and is in talks with some non-performing private cotton textile factories for acquisitions.
Confirming the plan to ET, chairman and managing director MP Agarwal said: ”We have a diversified expansion plan for our various verticals that includes, among others, home furnishing, terry towels, denim fabrics, technical textile fabrics and our proposed retail venture.”
Apart from textile manufacturing, SLCL is looking to be a player in the manufacturing of a bullet-proof, seven-tonne armoured defence vehicle. It will roll out its first batch by the year end. For this, SLCL has a joint venture with Armet Armored Vehicles, UK.
The Indian company is already into manufacturing defence uniforms, infra-red fabrics, nuclear biochemical fabrics, bullet-proof helmets and jackets meant for high altitude areas.
Added: February 25, 2009 Source: Agencies