Home Economy Himachal firm goes for Rs.143-crore expansion

Himachal firm goes for Rs.143-crore expansion

By IANS,

Shimla : Himachal Pradesh-based knitting and weaving products firm Winsome Textile has outlined a Rs.143-crore expansion programme after banks approved its debt restructuring plan, a top company official has said.

“After getting clearance from banks for debt restructuring, we have plans to invest Rs.143 crore in three divisions — spinning, dyeing and power,” managing director Ashish Bagrodia told IANS.

Bagrodia said the spinning and dyeing sections of the company’s unit at Baddi in the hill state were being upgraded and expanded to increase production.

“The banks have allowed restructuring the Rs.120-crore term loan in addition to sanction of a new term loan of Rs.18.8 crore and Rs.7.5 crore as a corporate loan. The banks have also sanctioned a working capital term loan of Rs.20 crore,” Bagrodia said. “The total borrowing will be Rs.166.3 crore.”

Alongside, the company has also started the construction of a 2.5 MW hydroelectric project near Dharamsala in Kangra district in the state.

“The project will be completed by December 2010 and will be operational by January 2011. We are investing Rs.25 crore in this project,” Bagrodia said.

The company expects captive power generation will ease overheads.

Winsome Textile, a BSE-listed company, had a turnover of Rs.171 crore in 2008-09 against Rs.157 crore the previous year.