Gujarat based Sintex Industries Ltd. is setting up a big spinning unit which will house 3,20,000 spindles at a location in Pipavav, Gujarat. Sintex which till now used to produce high-end structured dyed yarn shirtings at its plant in Kalol, will invest Rs. 1800 crore in the new spinning project expected to begin full commercial operations in fiscal 2016-17.
The company is going to produce high-end cotton yarn, 70% of which will be allocated for exports, mainly to China and the rest will be sold in the domestic markets. The FY’14 turnover of textile division of Sintex Industries was Rs. 546 crore. Once the new spinning project is fully commissioned, the turnover from the new plant is expected to be in the range of Rs. 1,600 to Rs. 1,800 crore. At the same time Sintex expects its fabric division sales to grow annually at 12% over FY’14.
