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Nitin Spinners achieves financial closure for capacity expansion

Monday, 13 Jan 2014
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Nitin Spinners has achieved financial closure for its capacity expansion project of spinning and knitting facilities, estimated to cost Rs 286 crore.

 

The company has achieved financial closure through the term loan of Rs 200 crore from banks for the expansion project, and the balance Rs 86 crore will be met from internal accruals.

 

The term loans are eligible for interest subsidy under Technology Upgradation Fund Scheme (TUFS) of Central Government and interest subsidy and other incentives under Customized Package for Textile Sector of the government of Rajasthan.

 

The orders for the main plant and machinery have been placed and building construction work is going on as per schedule. After execution of the expansion project, the existing production capacity of the company will increase by nearly 75 per cent.

 
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