Shri Lakshmi Cotsyn, a diversified textile powerhouse, has set aside an investment worth Rs 2,700 crore for expanding its existing verticals.      The company aims to double its lucrative denim, terry-towel, bed-linen and cotton rich segment production in the next 12-months.

A company official giving detail regarding proposed investment has informed that the company will invest Rs 378 crore in its terry towel expansion, Rs 75 crore to set up a
12 MW co-generation agri-based power plant for 100 per cent captive consumption, Rs 160 crore in IR fabric manufacturing, Rs 100 crore in black-out curtains, Rs 75 crore in 'Smart Vest' and Rs 350-400 crore in backward integration of its existing verticals.

Further, he stated that the funds will be raised through a combination of equity capital, internal accruals, FI funding and follow-on public offering (FPO).

Market expert believe that the proposed expansion will enable the company to achieve a turnover of Rs 1,400 crore as against the existing Rs 937 crore by June 2010.

Apart from latest development, the company has sketched up plans to enter into strategic alliances with large buyers within and outside India and expand its dealer network.

Shri Lakshmi Cotsyn aims to expand its retail outlets from 500 to 1,500 in India by June 2010. At present, the company has 5 manufacturing facilities in Uttar Pradesh, Haryana, Uttarakhand and Noida.