India-based SEL Manufacturing Co. Ltd. — an apparel manufacturer that operates knitting, spinning,
processing and garment-making facilities — has announced plans to erect a spinning facility
housing 195,840 spindles near Bhopal, Madhya Pradesh. The company reports it hopes to become
self-sufficient in terms of yarn production to meet demand for its garment and towel production.
“To continue this aggressive growth, the company plans to raise $50 million through global
depository receipts (GDR),” said Neeraj Saluja, chairman and managing director, SEL. “We are in
talks with investors at different levels for our new expansion plans that will bracket SEL as one
of the top players in the textile industry across globe.”
SEL’s net sales improved 47 percent in 2009 over 2008 figures. The company has achieved sales
growth through both expansions and acquisitions. SEL also reports profits in 2009 improved some 61
percent as the company began producing more value-added items.
August 18, 2010