MUMBAI, 25th July 2005: Bombay Rayon Fashions Ltd.
becomes the first Indian company to receive direct Equity Investment of
Rs. 50 million from Export Import Bank of India (Exim Bank). “The Bank
is subscribing 10,00,000 equity shares of Rs. 10 each at a premium of
Rs. 40 per share,” announced Mr. S. Sridhar, ED of Exim Bank, here
today.
Bombay Rayon Fashions Ltd., a Rs.150 crore company engaged in
Manufacturing of fabrics and garments for Exports, is setting up Rs.161
crore greenfield integrated textiles Unit with production Facilities for
yarn dyeing, weaving, processing and garment mfg. at Apparel Park,
Doddabarllapur and Bangalore. Exim Bank has also sanctioned a term loan
of Rs. 40 crore for this Project.
Bombay Rayon Fashions Ltd. (BRFL) has been allocated 20.26 acres of land
in Industrial Township developed by Karnataka Government at
Doddaballarpur Apparel Park, 30kms from Bangalore. The Apparel Park has
been modeled on international lines with modern infrastructure and
dedicated power and water supply and common effluent treatment plant.
The other leading companies coming up to set up their projects in the
Park includes Raymonds, Gokaldas Images and Himatsingka Seide.
Bombay Rayon Group established by Mr. Janardan Agarwal in 1986 with a
modest beginning in manufacturing of fashion fabrics at present is
considered amongst India’s leading manufacturers and exporters of
fashion fabrics and garments with a State-of-the-art manufacturing
facilities at New Mumbai, Silvassa, Sonale and Bangalore fully backed by
the facilities of product development, design studio and efficient
sampling infrastructure to provide the quality service to its customers
in India and abroad.
Presently the group has a strong presence in fashion fabrics and
garment segment and is catering to various international brands from
Europe and U.S.A. such as C & A, DKNY, Liz Claiborne, Wrangler (VF
Group), Federated Stores, Tom Tailor, Guess and Kiabi. With multifold
expansion of garment capacity on the anvil, negotiations are on with
premium labels in international market,” said Bombay Rayon Fashions MD
Mr. Prashant Agarwal. “The main reason that the group is able to
attract such well known names in fashion garments, is the group’s
ability to offer fabric collections based on seasonal fashion trends and
colour choices, expertise in design of fabrics as specified by the
customers, garment designs and samples meeting the stringent quality
required by discerning customers in Europe and U.S.A,” he added.
BRFL’s new project with integrated facilities of weaving, process house
and garments has been approved by the High Level Committee of Karnataka
Government headed by the Chief Minister. This project as Composite
Textile Unit will have the production capacity of 4000 kg. per day of
yarn dyeing, 104 looms of weaving, 93,999 meters per day of processing
and 22,000 pieces per day of garments. The total cost of the project is
envisaged at Rs. 246.72 crores as per the detailed Techno-Economic
Feasibility Report prepared by M/s. Gherzi Eastern Limited. The
implementation is commenced with start of civil work and project is
slated to be on stream by June 2006.
The loans for the project have been tied up with the Banks under TUFS
making the Company eligible for interest subsidy of 5% and for
processing machinery a direct subsidy of 10% of the investment amount. |
