Tubeknit Fashions mulls expansion

Tirupur-based Tubeknit Fashions would expand its garment manufacturing capacity two fold to 78,000 pieces per day. The company is also planning to set up a 20,400 spindle spinning unit for the production of cotton yarn and install additional dyeing machines.

In a company press statement, P Parthasarathi, managing director, Tubeknit Fashions said, "The company has earmarked Rs 100 crore for the expansion project and is planning to raise the amount through bank loans or joint ventures with other companies."

The company has already started implementing its expansion projects which are slated for completion in January 2007 for dyeing and garmenting and spinning by September 2007. Tubeknit Fashions registered a net profit of Rs 2.31 crore in the 2005 financial year, of which more than 60 per cent comes from exports. The company exports its products to leading brands in Europe like Tesco, Iceman, O'Neill, Sixty Spa and Oxbow.

The company also proposes to establish its own brand in the domestic market. With its expansion projects, the company is planning to expand its customer base in Europe and USA, the release added.