Welspun to spend Rs 700 cr on capex

Welspun India, a textile major and a part of $2.3 billion Welspun Group, will spend Rs 700 crore towards capital expenditure in this fiscal.

Altaf Jiwani, director and CFO, Welspun India, said the money will be spent towards enhancing towel capacity and for the ongoing flooring solution project.

According to a report in DNA, he said that capacity utilisation for towels is almost at 97% now and that the board has announced an expansion of 10,000 metric tonne for towels in this fiscal.

“We are also working on flooring solution vertical, so taking into account expansion for towels, routine capital requirement and Welspun flooring, we would be spending about Rs 700 crore in capex during FY’18,” said Jiwani.

Image Credit : static.dnaindia.com

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