TITLE

Welspun spikes Rs 225 cr project

PUB. DATE
March 1999
SOURCE
Colourage;Mar1999, Vol. 46 Issue 3, p62
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Welspun India Ltd., the largest terry towel manufacturer in India, has decided to drop its ambitious 225 crore project for the manufacture of bed sheets, curtain cloth, pillow covers and table linen. It has also decided to defer its proposed rights issue of optional FCD of the aggregate amount of 133.75 crore.The company's bottomline had been affected due to poor market conditions in the textile industry. The company's share price dropped to a below par level. The company is focusing on cotton-based products which is spinning of cotton yarn and manufacture of terry towels and terry products. It also exports a sizeable portion of its products to Japan, United States and other developed markets. The proceeds of the issue will be utilized to finance capital expenditure for balancing equipment and machinery.
ACCESSION #
12797379

 

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