Donear Ind to invest Rs 350 cr in new projects

MUMBAI: Textile major Donear Industries on Tuesday said that it plans to invest Rs 350 crore in new projects and expects to earn Rs 300 crore from them by end of fiscal 2008-09.

"The company will be investing Rs 350 crore for its integrated facility in Surat and foray into retail for its future growth prospects. Together they will add over Rs 300 crore to its annual revenue of US dollar 45 million (Rs 180 crore) by 2008-09 fiscal," Donear Executive Director Ajay Agarwal told media.

"The company's new plant would have state-of-the-art machinery which would help in weaving 18,000 metres of fabrics per day, cotton yarn dyeing will be 3,580 kg per day and finishing will be 66,000 metres per day, including polyester, cotton, vercose and woollen," Agarwal said.

"Of the Rs 350 crore, Rs 250 crore will be put in the Surat project and remaining Rs 100 crore would be utilised in retail," Donear Managing Director Rajendra Agarwal said.

Donear's current fabric production is 11 million metres per annum and the new establishment would add another nine million metres taking our total annual production capacity to 20 million, Agarwal said.