Mohit Industries to Expand Yarn Capacity by 50%
India: Mohit Industries Limited,
one of the largest manufacturers of texturized yarn and fabrics in India, has
announced plans to expand the existing polyester draw texturized yarn manufacturing
capacity in Gujarat by around 50%. Present texturized yarn production capacity
of the company stands 21,000 MT. Post the completion of the expansion project,
the overall production capacity of the company would reach 30,000 MT. The total
cost of the project has been estimated to be around USD3.7 million. The company
has already received a sanction amount of USD2.77 million for term. The
construction for this expansion project would commence by the end of May, 2016
and the installation of machinery and equipment is expected to begin in June,
2016.
TechSci Research depicts that the expansion of texturized yarn
production capacity would enable Mohit Industries Limited to cater to growing
demand for textiles in India. Additionally, the expanding textile production
facilities in India would drive the demand for textile chemicals in the
country.
According to TechSci
Research report “Global
Textile Chemicals Market Forecast & Opportunities, 2020”, global
textile chemicals market is projected to grow at a CAGR of over 3% during 2015-20.
Growth in the market is anticipated on account of increasing per capita textile
consumption coupled with rising demand for high quality textile products.
Moreover, increasing industrialization, surging consumption of textile in
engineered products, and rapidly rising awareness about the benefits of using
technical textile in workplace, are anticipated to propel the global textile
industry, thereby driving global textile chemicals market over the next five
years.