Nandan Exim on Rs 327 cr expansion

Ahmedabad-based, Chiripal Group promoted, Nandan Exim has embarked upon an expansion-cum-backward integration programme at a total cost of Rs 327 crore.

According to the company release, the expansion programme includes its existing capacity of 20 millions metre, installation of 32,000 spindles by way of backward integration and setting up of a 15 mw captive power plant.

The State Bank of India (SBI) appraised this project and their syndication group has completed the deep tie-up of Rs 243 crore. In all, 14 banks are participating in this term loan consortium with the SBI being the leader.

The denim manufacturing firm registered a net sales income of Rs 36.91 crore in the first quarter of the current financial year ended June 30.

This was a 66.33-per cent growth over the first quarter income of Rs 22.46 crore last year. The firm earned a net profit after tax of Rs 4.54 crore compared to last year's Rs 2.41 crore.

The increase in net profit growth has been recorded at 88.3 per cent. The company's net sales income amounted to Rs 128.73 Rs 2.41 crore,.