Wednesday, August 13, 2008

SEL Manufacturing receives contract from Russia

Sel Manufacturing Company Ltd., an integrated multi product textile company, has chalked out a mega expansion plan through inorganic route at an investment of Rs 1500 crore.

Under the proposed plan, the company is setting up a technical textile manufacturing facility with a capacity of 90 tonnes per day (TPD) envisaging Rs 611.67 crore. It is also expanding its terry towel project by 25 TPD, taking the terry towel capacity to 35 TPD after implementation. Sel is a 100 per cent export oriented garment producer.

It has appointed IL&FS, Kotak Mahindra Capital and SBI Caps to arrange targets from the domestic market. It is in talks with Citibank, Credit Suisse and Barclays to rope in an adviser for its overseas acquisition.

For the financial year 2007-08, the standalone net sales of the company was recorded at Rs 357.31 crore while the net profit stood at Rs 44.85 crore. Consolidated net sales was Rs 400.07 crore.