Sangam to raise Rs 135 cr through TUF

Sangam India, a textile company has decided to raise Rs 135

crores at the subsidised rate of 6.75 per cent, through Technology Upgradation Fund (TUF). It will invest Rs 180 crores to double its denim capacity to 32 million metres. It also has plans to set up texturing yarn production capacity of 7,200 tonnes per annum and install 2,304 rotors for open ended yarn at Bhilwara in Rajasthan. Sangam hopes to complete the project by December this year so that it can fulfil the growing demand for fancy denim which is produced by blending cotton, poly viscose, lycra and texturing yarn.

The company also plans to invest Rs 50 crores over a span of three years to establish its recently launched Sangam Suiting range. Its poly viscose and cotton suiting range is much in demand and the company has an umbrella of brands like Savana, Wills & Scott, Cavalier, Signet and Linovita under its fold. It recently launched a new anti-bacterial and anti-moisture range Glacier.

With increase in demand, Sangam now plans to get into retail in a big way. In six months’ time, it plans to set up a garment facility and venture into retailing. The investment for setting up a five lakh piece a month garment factory will cost them somewhere between Rs 50-60 crores excluding the land cost.