ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Further Diversification

Further Diversification Hansavivek MODI SPINNING AND WEAVING, engaged in diverse activities such as cotton cloth, yarn and thread, rayon and synthetic fabrics, liquor and spirits, oil crushing and kapas ginning and processing, is entering yet newer fields. It has on hand a project for installing 150 automatic terry towel looms for which it is negotiating with a foreign party for initial purchase of 42 such looms. The company had an industrial licence for undertaking manufacture of carpet yarn and carpets. This export-oriented project is being undertaken by Modi Carpets, a new company promoted for this purpose, in association with foreign col- laborators. The factory is under erection at Rae Bareli in UP. It is also participating in a joint sector graphite electrodes project along with UP State Industrial Development Corporation. A feasibility report is being prepared for the project. Meanwhile, the company has chalked out a scheme of modernisation and renovation of machinery in its four main divisions of cloth, yam, thread and rayon anil silk. This is estimated to cost about Rs 12 crores. The company has already incurred expenditure to the tune of Rs 2 crores and is seeking assistance from IDBI, ICICT and IFCI under the soft term-Joan scheme.

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