Damodar Industries has announced commencement of commercial production and supplies from March 1 at its new unit in Amravati set up to manufacture dyed fancy yarns, melange yarns and cotton yarns.
With the objective of strengthening the existing manufacturing base and increasing the capacity of yarn production, the company has set up another spinning unit at Amravati. This would benefit the company in servicing its existing customers better as well as tapping new customers with the growth of younger population and also catering to the increasing demand for its fancy yarns.
Damodar Industries competes with organized as well as unorganized fabric manufacturers in the domestic market. In the global market space although the company has limited exposure it continuously faces a challenging environment.
The company is setting up a blended fancy yarn spinning unit at Amravati at a cost of Rs. 196 crores. The project will be implemented bay wise. It plans to have four bays. Commercial production from the first bay production line started from April 2018 and the plant for all the production bays got fully operational from March 1, 2019.
Previously the company had also incurred capital expenditure of Rs. 45.50 crores towards increasing productivity in weaving and processing activities. Its standalone turnover was Rs. 650 crores for FY18.