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Interloop approves $58m for Hosiery plant expansion

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June 26, 2024 (MLN): The Board of Directors of Interloop Limited (PSX: ILP) has approved a $58 million investment to enhance capacity in the Hosiery Plant by 25% through the installation and commissioning of Hosiery Plant 6.

The company expects the installation and commissioning of Hosiery Plant 6 by the first quarter of FY26, adding 1,584 additional knitting machines.

The BoD in its meeting held on June 25, 2024, (Tuesday) approved the annual budget of the company for the Fiscal Year 2024-25, amidst other items.

The export sales target for FY25 has been set at $670.8m.

Moreover, for Denim expansion, a capital outlay of $18.8m by Q4 FY26 for the commissioning of an additional 20 lines in Denim has been approved.

This expansion will be phased over two years, increasing capacity to a total of 18m (approximately) garments per year.

In order to cover consistent growing demand of dyed yarn, the Board has approved the expansion of ILP in-house spun yarn dyeing capacity by 20 metric-tons to 28 metric-tons.

The total capital outlay is approved at $13.2m. The plant is expected to be commissioned by Q3 FY26.

Furthermore, the company said, "Being cognizant of environmental impact of our ongoing expansions and to reduce GHG emissions, an additional 4M W capacity to Solar generation, with the cost of $2.1m has been approved and would be commissioned by Q3 FY25."

It will increase the green energy generation capacity to 16.6MW, it said.

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Posted on: 2024-06-26T10:42:47+05:00