ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Harita Finance

Sanghi Polyesters SANGHI POLYESTERS is entering the capital market with a public issue of 2,64,00,000 equity shares of Rs 10 each for cash at par aggregating Rs 2,040 lakh on January 16,1991. The company is setting up a project for the manufacture of polyester filament yarn at a cost of Rs 133 crore near Hyderabad. The com- pany has been promoted by the Sanghi group in Andhra Pradesh having a turnover exceeding Rs 100 crore in diverse activities like textile processing, zip fasteners, heat resistant rubber thread, PVC leathers and filaments. This is the first public venture of the group. The PFY plant is being set up in technical collaboration with KOHAP, one of the largest manufacturers and exporters of filament yarn in South Korea. It has also exported similar plants to several other countries. The Company expects to start chip spinning production by April 1991 and polycondensation along with direct melt spinning line by September 1991. The plant has the direct melt spinning process and incorporates for the first time in India automatic winding machines to minimise wastage. The company proposes to undertake an expansion for a further 10,000 TPA of PFY immediately on completion of the present project. The plant is so designed that it incorporates the infrastructure! facilities like polycondensation unit, storage capacity and other utilities to service the 25,000 TPA capacity. The expansion therefore when undertaken shall be completed at a minimum cost of Rs 35 to Rs 40 crore. The issue will open on January 16, 1991 and will have 88A and Wealth-Tax benefits. SBI Capital Markets, and PNB Capital Service arc acting as Lead Managers to the issue.

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