Interloop to Invest $58 Million to Expand Hosiery Plant

Interloop Limited (ILP) has approved to enhance capacity in Hosiery by 25 percent with the installation and commissioning of Hosiery Plant 6 by QI’FY26, adding 1,584 additional knitting machines. The total approved investment for Plant 6 is $58 million, the company informed the main bourse on Wednesday. The Board of Directors also has 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 $670.80 million. The Board has also resolved to approve the capex expansion across various business segments, including the following(s): A capital outlay of $18.8 million 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 18 million (approx.) garments per year. In order to cover the consistently growing demand for 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 $13.2 million. The plant is expected to be commissioned by QI’FY26. Being cognizant of environmental impact of its ongoing expansions and to reduce GHG emissions, an additional 4MW capacity to Solar generation, with the cost of $2.1 million has been approved and would be commissioned by Q3’FY25. It will increase ILP’s green energy generation capacity to 16.6MW. At the time of filing, ILP’s scrip at the bourse was Rs. 71.33, down 0.21 percent or Rs. 0.15 with a turnover of 1.5 million shares on Wednesday.