Mumbai
Sangam India
Ltd (SIL), one of the foremost producers of PV dyed yarn and seamless apparel,
has approved plans to invest Rs 132.25 crores in brownfield expansion in the
cotton yarn segment and successfully completed the financial closure of Rs 102
crore term loan with lenders. The COD of this project will be April 1, 2022.
Sangam India
Ltd has also approved the issue of up to 5.7 million warrants convertible into
Equity Shares(s) of the company of the face value of Rs 10 each aggregating up
to 103.00 Crore to the promoters group and Madhuri Madhusudan Kela. The company
also announced that its revenue has grown more than double from Rs 311 crore in
Q2 FY 21 to Rs 635 crore in Q2 FY22 with an increase of 104% as per YoY
comparison.
Total sales
of the company, as of September 2021 stands at Rs 1,045 crore with 37% of its
revenue coming from international markets. The company’s EBITDA is Rs 76.2 crore
in Q2 FY22 which is more than 208% as compared to YoY at Rs 24.7 crore and is
also better than the previous quarter of June 21 at Rs 51.1 crore.
Established
in 1984, Sangam India Ltd is one of the foremost producers in PV dyed yarn,
cotton and OE yarn and also ready to stitch fabric. The NSE & BSE listed
company produces 35 million meters of PV fabric and 48 million meters of denim
fabric annually. This magnitude of production is possible with a highly
organised production base equipped with more than 280,000 spindles and 4,000
rotors.
The Group has
also introduced a seamless garment manufacturing facility with 52 seamless
knitting machines that have the capacity to produce 5.4 million pieces per
annum. Sangam started with only eight weaving machines in 1984 and is now being
recognised as a leading brand in the textile industry, with a presence in over
50 countries.