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Chandigarh : Textile Company SEL Manufacturing on March 10 said it plans to set up a new facility near Bhopal, Madhya Pradesh, with total outlay of Rs 800 crore.
The proposed plant would have installed capacity of 1, 95, 840 spindles, company's Chairman and Managing Director Neeraj Saluja said in a statement. With the setting up of the plant, total installed capacity of SEL would reach 4 lakh spindles. "It would help the company to be self dependent in terms of yarn for its ever growing demand of knitted garments and terry towel," he said.
The company plans to raise USD 50 million (Rs 226 crore) through global depository receipts (GDR). In the first phase of GDR, the company has already raised USD 10 million and is in the process of coming out with second phase of GDR, which would be completed in around next 10 days, Saluja said.
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