Board of Abhishek Ind OKs expansion projects

Abhishek Industries Ltd has informed that the Annual General Meeting (AGM) of the Company was held on September 25, 2010. The Board of the company has approved following projects & matters in its meeting held on September 25.

1. The Strategy Committee of the Board in its meeting held on September 25, 2010 has approved the following expansion projects:

i) Yarn Expansion Project for setting up 275904 spindles & 2040 Rotors including other balancing equipment at a total capital outlay of Rs. 1117 crores as appraised by SBI Capital Markets Ltd.
ii) Expansion cum Modernization Project in Terry Towel Division by installing 14 new Air Jet Dobby Looms along with other machineries in processing, finishing house and spinning sections at a total capital outlay of Rs. 55 crores as appraised by Corporation Bank.

2. The Company has been selected for Silver trophy for "Top Exporters - Madeups" in the category of 'Towels' and the Bronze trophy for "Highest Global Exports for textiles" for the year 2009-10 by Texprocil. The award would be conferred on the Company in Texprocil award function scheduled to be held on September 28, 2010.

3. The operations of Terry Towel Division (Unit 3) of the Company which had been disturbed due to explosion of Chemical storage tank have been normalized.

Abhishek Industries Limited is engaged in the manufacture of terry towel, agro-based paper and yarn.

Original Source: Board of Abhishek Ind OKs expansion projects at Fibre2fashion

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