SEL to set up Rs800 cr textile plant in MP

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SEL to set up Rs800 cr textile plant in MP

03/12/2010 09:30:00 AM

Mumbai, Mar (EPC News): Textile manufacturer, SEL Manufacturing is planning to set up new facility in Bhopal, Madhya Pradesh, said Neeraj Saluja Chairman and Managing Director of the company in a statement.

The proposed plant would have installed capacity of 1,95,840 spindles, and the company have incured Rs800 crore fir the same.

With the setting up of the plant, total installed capacity of SEL would reach 4 lakh spindles.

Future plans

The company plans to raise Rs226 crore through global depository receipts (GDR). In the first phase of GDR, the company has already raised $10 million and is in the process of coming out with second phase of GDR, which would be completed in around next 10 days, said the CMD.

EPC News Bureau