Indo Count Industries announced new capex to enhance spinning capacity at its subsidiary Pranavaditya Spinning Mills (PSML).
The proposed capex will be towards additional spinning capacity of approximately 68,000 spindles.
Phase-I will see an investment of Rs 98 crore. It will see 24,192 spindles capacity and expected to be operationalise by December 2022.
Phase-II of the project will see Rs 172 crore investment. The project will see addition of 43,776 spindles and is expected to be operationalise by March 2023.
The total capex spend for the project is Rs.270 crore. This will be funded thorough a mix of internal accruals of Rs 95 crore and debt of Rs 175 crore.