Suryalakhsmi Cotton Mills has decided to invest Rs 150 crore, in order to increase its spinning capacity by 50,000 spindles from 65,000 spindles. It will fund this investment by raising Rs 80-100 crore through the Central Government-sponsored Technology Upgradation Fund Scheme (TUFS) and the rest will be tied up through internal accruals. The additional spinning capacity will be coming up at Ramtek, in Maharashtra and will be completed in two phases by 2014-end.
The company will be getting 4% interest subsidy under the TUF scheme and other that that the Maharashtra Government offers interest subsidy of up to 12.5% under its new textile policy.
