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Thursday, April 7, 2011

{GS} Nirvan Silk Mills

Nirvan Silk Mills plans IPO to fund expansion

Nirvan Silk Mills will tap the capital market to fund its plans for setting up yarn dyeing, sizing and processing units.

The company recently enhanced its weaving capacity at Tarapur in Maharashtra to 14 lakh metres from 10 lakh metres at an investment of Rs 18 crore.

Mr Kapal Mehta, Director, Nirvan Silk Mills, said the company had enhanced its weaving capacity in just six months and would now invest Rs 50 crore in setting up yarn dyeing, sizing and processing units on the four acres of surplus land at Tarapur.

"The annual turnover of the company is expected to touch Rs 125 crore by next fiscal from Rs 75 crore currently. We also plan to enter the capital markets with an initial public offering in the near future," he said.

Nirvan Silk Mills has a pan-India presence and exports to Saudi Arabia, Dubai, Thailand, Malaysia, Indonesia, Vietnam and Cambodia. Exports account for about Rs 10 crore, which would be enhanced to Rs 20 crore next year, he said.

As the manufacture of linen fabric is tough, requiring high-tech infrastructure, there are very few such manufacturers in India. The Mumbai-based company's La-Fair linen shirts are made in over 300 designs using yarn imported from Austria and Belgium. The company also makes cotton and blended shirts.

(This article was published in the Business Line print edition dated April 8, 2011)


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