_large.jpg)
04 January 2022, Mumbai:
Pioneer Embroideries Limited (PEL), a leading manufacturer of Specialty Polyester Filament Yarn (SPFY), is on track with its expansion plans.
The SPFY business accounts for about 90% of the company's sales, with revenues of around Rs. 127.40 crore in the first half of the current fiscal year. Embroideries, torchon/bobbin laces, raschel laces, and other clothing accessories are among the company's products.
The business said in a filing that it had already placed a substantial equipment order with a German manufacturer of quality textile extrusion equipment, together with advance payments, to ensure delivery by Q3FY23. The equipment was mostly funded by a German bank.
Construction on the site adjacent to the company's existing production factory in Kala Amb (Himachal Pradesh) is well underway, with the foundation work done. The company has spent over Rs.7.50 crore on capital expenditure to date, which is currently paid through internal accruals and is in the process of negotiating financial closure with its lenders.
PEL intends to expand its position in newer categories such as home textiles and technical textiles, and will predominantly manufacture POY (Partially Oriented Yarn) and DTY (Draw Textured Yarn)-based specialty textile goods as a result of this expansion.
These non-apparel items are in high demand in both the domestic and foreign markets.
Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned.
