Indo Count Industries has received an approval for capex plan for Phase 2 estimated at Rs 300 crore. This capital outlay will be funded by internal accruals and debt. The board of directors at its meeting held on May 07, 2016 has approved for the same.
The capex will be for upgrading the existing Spinning Facilities, Investments in additional Weaving (with specialized looms) and value added equipments for delivery of fashion and utility bedding.
The board also reviewed the medium-term financial strategies of the company and has decided that the current fund raise proposal needs to be deferred.
Indo Count Industries is engaged in the manufacturing of 100% grey combed cotton yarn and knitted fabric. Its product range includes Cotton yarn, Knitted fabrics and Dyed yarn and core-spun yarn.
