News Tags: Accel Apparels, Bannari Amman Spinning Mills, board approval, Palladam Hightech Weaving Park, produce knitted garments, provide employment, set up new garment unit, under business name
Bannari Amman Spinning Mills, established in 1995 has a capacity of more than 140,000 spindles has received its board’s approval for setting up a new Garment Unit in Palladam Hightech Weaving Park, Palladam in Tamil Nadu to produce knitted Garments under the business name ‘Accel Apparels’.
The expected project will involve investment to the tune of Rs 30 crore and it is expected to start production before the end of December 2015 and plans to run at full capacity between May 2016 and August 2016.
The unit will produce 6.2 million pieces per annum. The unit will be capable of producing all knitted garments for men, ladies and kids and some woven applications.
The expected business turnover from this project will be Rs 100 crore and it will provide employment for more than 1000 workers.
The company also has a Weaving Division with specialized looms for ultra fine count wide width fabric for home furnishings and jumbo looms for industrial textiles. The spinnning Mill has a manufacturing facility for bed linen, Mattress protector, Pillow protector and more products. The Technical textile division of the company consists of a Coating division and a Lamination division.
The company’s product range includes Ne 20/1, Ne 24/1, Ne 34/1 & Ne 40/1 combed and carded knitting cotton yarn and caters to Tirupur, Calcutta & Kanpur markets. The mill exports 24% of the production to Israel, Mauritius, Egypt, Taiwan and South Korea.
Bannari Amman Spinning Mills is currently trading at Rs. 231.50, up by 7.10 points or 3.16% from its previous closing of Rs. 224.40 on the BSE.