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| Nakoda Textiles aims to quadruple profit by FY10 |
| Press Trust of India / Mumbai Aug 20, 2009, 17:06 IST |
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With its expansion plans on track, BSE-listed Nakoda Textiles Industries is aiming to more than double its turnover and quadruple its net profit to Rs 1,800 crore and Rs 55 crore, respectively, by December 2010.
The company clocked a turnover and net profit of Rs 800 crore and Rs 13 crore for the year-ended December 2008.
"Our expansion plans for our partially oriented yarn (POY) and texturising are on track. Besides, our textile park near Surat of which we are the main sponsor is expected to be commissioned in September. These will be our growth-drivers," Nakoda Textiles' Chairman and Managing Director B G Jain told reporters here today.
The textile park at Surat — Surat Super Yarn Park — being set up at an investment of Rs 108 crore, has already tied-up 27 entrepreneurs.
The park is one of the 30 sanctioned under the government of India's Scheme for Integrated Textile Parks (SITP) and also one of the earliest to be commissioned.
The entrepreneurs will pump in Rs 16.25 crore (Rs 13.25 crore already received) while a Government grant comprises Rs 40 crore (Rs 24-crore already received). A consortium of banks have created a fund called PMDO which is being managed by IL&FS and from which the remaining Rs 51.74 crore will be got, Jain said.
The park will also have a 15 Mw coal-based power plant, he said.
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