Technical textiles have gained global importance over the past few years, and the sector is set to grow at a faster pace now. With a view to gaining a foothold in this sector, Precot Meridian is setting up a greenfield technical textile plant with state-of-the-art technology in the Textile Special Economic Zone at Hassan in Karnataka.
The company, which has hitherto been in the traditional textile products like yarn and fabric will venture into value-added products, which is considered as an emerging area of opportunity. The plant will produce non-woven products for medical and hygiene care applications.
Necessary statutory approvals have been obtained. Civil work has commenced, and the plant is expected to start commercial production in April next. The project cost is estimated to be Rs. 165 crores, of which Rs. 125 crores is to be funded through a term loan from ICICI Bank.