Dollar invests Rs 35 cr to set up fabric processing unit in TN

Popular hosiery manufacturer listed on the Kolkata Stock

Exchange, Dollar Industries has gone for capacity expansion. It has invested around Rs 35 crores to set up a fabric processing unit with a capacity of processing 15 tonnes of fabric everyday in Erode district of Tamil Nadu state.

The company already has a manufacturing unit in Kolkata, New Delhi, Ludhiana and Tirupur with a total installed capacity of 600,000 pieces per day. With present capacity of producing 400,000 units a day, the company expects to utilise the full capacity in two years.

As per industry estimates, the organised hosiery market in India is pegged at Rs 5,000 crores at the moment, with the unorganised sector running parallelly with an equal market size. Dollar witnessed its business in Andhra Pradesh grow by 18 percent in FY13 and is targeting a growth of 25 percent this financial year, maintaining an average year-on-year growth estimated at 20 percent till the end of FY15.

Dollar Industries registered a turnover of Rs 579.47 crores for the financial year ended March 2013, against Rs 453.54 crores in the previous year, whereas its export figures touched Rs 46.5 crores in 2012-13 against Rs 33 crores in 2011-12. The company expects to reach a turnover of Rs 650 crores in the current fiscal.