Sintex Industries is expecting the phase-I of its textile plant near Pipavav port in Gujarat to become operational by March next year. This was disclosed by Amit Patel, managing director of Sintex.
Patel was speaking to mediapersons after attending a conference on ‘India – Opportunities for Global Investment in Textiles’, organised concurrently with ITMACH India exhibition in Gandhinagar.
The textile plant coming up at a distance of 6 km from Pipavav port in Amreli district will have spinning, weaving and knitting facilities. It will be the second textile plant of Sintex as it already has a plant located in Kalol town near Gandhinagar.
The Pipavav plant, to be set up in phase-wise manner at an investment of Rs 5,500 crore, is expected to be fully commissioned by 2017-18, according to Patel.
The textile plant will not be limited to cotton, and will produce multiple-fibre products like lycra, viscose and polyester. About 60-80 per cent of the products manufactured at the greenfield plant would be meant for exports, Patel said.
Asked about the reason for Sintex expanding its textile business, Patel said, “There is a huge opportunity in global textiles due to the share vacated by China and we want to maximise the same.”
He also cited the Textile Policy of Gujarat government, announced in 2012, as one of the reasons that encouraged the company to set up the plant in Gujarat.
Patel said the company’s turnover was Rs 6,400 crore in 2013-14 with the growth rate of 20 per cent, and added that they expect the turnover to cross Rs 7,000 crore in current fiscal year. “We expect a turnover of Rs 9,000 to 10,000 crore for the company after the Pipavav plant runs at its full capacity,” he added. (RKS)
