Ahmedabad, Oct 5: The Rs 94.95 crore modernisation and expansion plan just completed by Kalol-based Sintex Industries Ltd (SIL) has helped its textiles division start manufacturing yarn dyeing and piece dyeing corduroy fabrics to enter the fast growing new product segment in bottomweight varieties like Chino, Drills and Gabardines to cater to domestic and international market, according to SIL chairman Dinesh Patel.Addressing the 68th annual general meeting of the company recently, he said the plan, including import of Picoline Rapier Gamma Looms, has been possible with financial assistance of IDBI and State Bank of India. This has provided a big boost to its growing export market. The five per cent interest subsidiary received under Technology Upgradation Fund (TUF) enabled the company to compete in the international market, he said.
Referring to Sintex' core comptence in plastic products, Patel said that SIL continued to maintain its leading position in water tanks, plastic doors, industrial tanks, large materials handling containers, pallets and industrial custom-mouldings. Its new `Reno' brand of water tanks has proved popular among the cost conscious customers.
He informed the meeting that the company posted a 24 per cent growth in its total sales to Rs 93.67 crores during the first five months of the current fiscal ended August 31 as compared to Rs 75.31 crores in the corresponding period last year.
Following the company's posting a 21 per cent increase in turnover to Rs 219.73 crores in 1998-99 and 11 per cent increase in gross profit over the previous year, the SIL board of directors had recommended a dividend of 15 per cent.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.