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Vertex Spinning Ltd. has informed BSE
that the Company has undertaken a major expansion
programme, whereby it has updated the Plant and
Machinery and completed 25,000 Spindles expansion
programme at existing Unit at Pithampur, Madhya Pradesh.
After the completion of this
expansion of acrylic spinning mill, the Company became
one of the top three Acrylic Blanket Manufacturing Mills
in the world and it has established itself as a
strategically located quality supplier of acrylic
blanket to the whole of the country, Africa, USA, UK,
Australia, Canada and all Asian Countries including
Middle East.
To start Cotton spinning the Company
has acquired 100 Acres of Land and has started
construction activity at Nardhana Industrial Area, Dist.
Dhule, Maharashtra. The new Mega Project is at a cost of
Rs 512 Crores. The company has obtained license from
Govt. of India for Cotton Spinning of 1,60,000 Spindles.
The Directors of the Company expected to commence its
production of Phase-I of 80,000 Spindles by March 2007.
The company started Exporting its new
products of Acrylic Mink Blanket under the brand name
"DIANA" during the current year. Though Spain is
considered as market leader of Mink Blanket in the
World, there is heavy demand for Mink Blanket of the
Company from Spain and UK, resulting into capacity
utilisation of the Company’s production for next 2
years, whereby the profitability will increase
substantially.
After completion of Cotton Spinning
Project the company is expected to earn a gross revenue
of Rs 227.32 crores and a profit after tax amounting to
Rs 51.11 crores. Extensive efforts are being made to
revamp and upgrade technology to enable the company to
take advantage of the changing business opportunities. |