Aarvee Denims to install 14 wind mills at Kutch

Aarvee Denims & Exports Ltd has announced that the Board of Directors of the Company at its meeting held on January 31, 2007, inter alia, has transacted the following:

1. The Board approved the Company's plan to invest in the wind energy by installing total 14 Wind Mills of 1.5 MW each at Kutch, Gujarat.

2. The Board of Directors accorded its approval to raise funds to finance its Wind Energy Project through issue of Foreign Currency Convertible Bonds ("FCCB") amounting to USD 20 Millions pursuant to resolution passed by the shareholders under Section 8l(1A) of the Companies Act, 1956 in the l7th Annual General Meeting.

3. The Chairman announced the commencement of integrated denim manufacturing facilities at the Company’s Unit III at Narol, Ahmedabad.

Source : Equity Bulls

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