Mumbai: Nitin Spinners Ltd. has undertaken an expansion project for installation of 72,960 compact spindles at the existing location, Bhilwara, at project cost of Rs. 290 crores with term loans of Rs. 215 crores. The project is under implementation as per schedule and commercial production on expanded capacities is expected to commence in the last quarter of 2016-17.
The project is entitled for subsidy benefits under TUFs of Central Government and RIPS by Rajasthan Government. Nitin Spinners has recorded highest ever turnover of Rs. 766.87 crores in current year against Rs. 616.47 crores in the previous year with an increase of 24.40%. It’s worth recalling that the company undertook previous major capacity expansion in 2014-15 by installation of 72,480 spindles and 18 knitting machines at a project cost of Rs. 286 crores, with term loans of Rs. 200 crores.
The company caters to textile companies like Arvind, Raymonds, Alok, Bhaskar, Nandan, RSWM etc. About 65 per cent of the production goes to more than 50 countries across the globe including the US, Latin America, Middle East, Far East, European Union, Africa etc.