Towel manufacturer Nandan Terry on Wednesday said it is planning to increase its capacity by 25 per cent by adding 24 more looms with a capital expenditure of about Rs 60 crore.
This capacity increment, which is expected to be operational by March 2022, will go forward with a Capex of close to Rs 60 crore, entirely funded by banks and promoters, Nandan Terry said in a statement.
Currently, the company has 96 looms, and with an expansion plan this year the company will add 24 more looms, taking the total to 120.
The company further stated that it is planning to hire over 100 employees to smooth out the additional capacity increment.
The hiring will be in sales, marketing, packaging, production and logistics departments, it added.
"Terry towels enjoy demand from both domestic and international markets. With the view to tap domestic market potential, we are laying out these expansion plans. We will also be focussing on business-to-customers (B2C) vertical prominently," Nandan Terry CEO Ronak Chiripal said.
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