Nitin Spinners achieves financial closure of Rs 286 crore for project expansion

15 Jan 2014

Nitin Spinners’ expansion project of Spinning and Knitting facilities at project cost of Rs 286 crore is being financed through term loan of Rs 200 crore and internal accruals of Rs 86 crore. The company has achieved financial closure for term loan of Rs 200 crore from banks.

The term loans are eligible for Interest Subsidy under Technology Up-gradation Fund Scheme (TUFS) of Central Government and Interest Subsidy & other incentives under Customized Package for Textile Sector of Government of Rajasthan. The orders for main Plant & Machinery have been placed and building construction work is going on as per schedule. After implementation of the expansion project the existing production capacity of the company shall increase nearly by 75%.

Nitin Spinners is engaged in manufacturing 100% Cotton Yarn and knitted fabrics. The company is having an installed capacity of 77,616 Spindles, 2,936 Rotors and 31 Knitting Machines.

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