Mohit Industries Board approves expansion project

Mohit Industries Ltd has announced that the Board of Directors of the Company at its meeting held on October 10, 2006, inter alia, has considered & approved an expansion Project of:

1. To increase art silk grey fabric manufacturing capacity by 100%.

2. To increase yarn processing capacity by 70%.

3. To diversify into furnishing fabric in which there will be a value addition.

4. To diversify into garment industry and install a garment manufacturing unit in the SEZ. (Special Economic Zone).

The total Cost outlay envisaged for the above expansion project is about Rupees 90 Crore which will be financed by tie up of Term loan and private placement of equity shares with banks, financial institutions, FIIs, mutual funds and/or right cum public issue at appropriate time subject to necessary approvals.

Further the Company announced that, the company has received an Export order of Rupees 9.50 Crore from a U.S. based Company for supply of 10 Lac meter of German Tissue Brasso fabric.

Source : Equity Bulls

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