ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Maya Spinners

Mikado Textile Industries Mikado Textile Industries, which is engaged in the manufacture of suitings, shirtings and fancy yarns, is embarking upon a Rs 10.17 crore expansion programme. It envisages the setting up of two new projects: (a) a weaving project at the existing site of Tarapur by installing 24 auto rapier looms with an installed capacity of 10.16 lakh metres of suitings which will augment the total installed capacity to 20.32 lakh metres per annum, and (b) a draw-twisting plant at Pipodra near Surat, to manufacture draw-twisted filament yarn of 150 and 50 deniers with an installed capacity of 900 mtpa and 200 mtpa respectively. To part finance the project, the company is entering the capital market on September 28 with a public issue of 29,60,000 equity shares of Rs 10 each at a premium of Rs 15 per share aggregating Rs 7.40 crore. According to V K Gadia, managing director of the company, both the plants are scheduled to commence production by April 1993 and, on their completion, the annual turnover is expected to rise from the present Rs 36 crore to Rs 80 crore in 1994 and further to Rs 100 crore in 1995, PNB Capital Services and State Bank of Indore are the lead managers to the issue.

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