Suryajyoti to enter infrastructure business

Hyderabad: Hyderabad-based Suryajyoti Spinning Mills Ltd plans to enter the business of building and contracts in the near future.

In view of the big opportunities in the infrastructure area, the textiles company has initiated talks with several entities and proposes to unveil its business plans shortly, according to company officials. A resolution to diversify into this new business was passed by the company’s shareholders at the AGM held on September 28.

The company is keen to capitalize on the opportunities present in the sector.

In Andhra Pradesh alone where Suryajyoti Spinning operates, there are huge opportunities in view of the irrigation and infrastructure projects being taken up in the State, a company notification to the stock exchanges said.

Recognising the need to improve infrastructure, the Government has announced commitments to build large infrastructure projects through significant public expenditure and with the help of private partners. During the next five years, investments of more than $300 billion in infrastructure are expected, the notice said.

Italy tie-up


In its core business strengths, the company is setting up a bottom-weight fabric weaving, processing and finishing facility in collaboration with an Italian company.

The fabric produced will be sold in India and overseas under the Pangea brand name and the company expects to fetch a premium price for the fabric.

It expects the project to be commissioned by March 2008