The 2,500 crore Himatsingka Group, an integrated textile company, is planning to expand its manufacturing facilities with an investment of Rs 1,281 crore.
The expansion involves backward integration into spinning and a foray into terry towels. The expansion will be carried out at its existing facility at Hassan in Karnataka over the next three years, the company said. Himatsingka has already received in-principle approval from the Karnataka government on its proposed investment at Hassan and the company’s board of directors approved the proposal on Monday.
With this expansion, its sheeting capacity will double to 46 million meters per annum, while it will create new capacity for producing 211,000 spindles per annum spinning capacity and 25,000 tonnes per annum of Terry towels manufacturing at Hassan.
The company possesses 110 acres land at Hassan, where it operates its second plant. It has applied to Karnataka Industrial Area Development Board for fresh land for expansion.