Mudra Lifestyle, is planning to set up a spandex yarn project at Silvassa, with an investment of Rs.300 crore.
The company is now scouting for a partner to part-finance the project. Earlier, the company was planning to raise about Rs.200 crore, through foreign currency convertible bond. But, due to a slump in the stock market, it is looking for a partner to invest the sum. The company plans to take a loan of Rs. 64 crore, while promoters would finance Rs.36 crore.
The project, with a proposed capacity of three million metre yarn per month will help achieve the targeted capacity of five million metres per month from the current level of two million metres per month. The technology, plant and machinery for this project has already been finalised with Mitsubishi Rayon Engineering (MRE), Japan.
Work on the project is likely to commence by end 2009 |