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Saturday, July 13, 2024

Interloop plans to new investments in hosiery, denim, yarn dyeing and renewable energy

Interloop Limited (ILP), one of the leading Pakistani textile exporters, has approved expansion plans with an investment of $92.1 million in four categories: hosiery, denim, yarn dyeing and renewable energy plant.

The company secretary in a notice to the PSX on Wednesday disclosed that the board of directors of the company approved the annual budget while the export sales target for FY25 was set at $670.80 million.

The board approved enhancing capacity in hosiery by 25 per cent with the installation and commissioning of Hosiery Plant 6 by Q1’FY26, adding 1,584 additional knitting machines with an investment of $58 million.

An investment of $18.8 million by Q4’FY26 was approved for the commissioning of an additional 20 lines in denim. The expansion will be phased over two years, increasing capacity to a total of around 18 million garments per year.

Due to the increasing demand for dyed yarn, the board approved the expansion of the ILP’s in-house spun yarn dyeing capacity by 20 metric tonnes to 28 metric tonnes with an investment of $13.2 million. The plant is expected to be commissioned by Q1’FY26.

Besides, to cut GHG emissions, an additional 4MW capacity to solar generation was approved with the cost of $2.1 million that would be commissioned by Q3’FY2. It will increase the company’s green energy generation capacity to 16.6MW.

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