DCM approves expansion plan of its textile division

DCM Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 22, 2013, inter alia, has approved the expansion plan of Textile Division of the Company by adding 39168 spindles at the existing facility at Mela Ground, Hissar with capital expenditure of about Rs. 105 Crs.The said project is proposed to be funded by term loan to the extent of Rs. 77 Crs. and balance out of internal accruals and proposed to commence production from February 2014 and full production by September 2014.The Board has also noted that the Hon'ble Supreme Court of India today rejected the Special Leave Petition (SLP) filed by HUDA, against the order of Division bench of Hon'ble Punjab and Haryana High Court, passed in favour of the Company, in the matter of resumption order issued by the State of Haryana in respect of 250 acres of factor}' land at Hissar of the Company. The formal order is awaited.Source : BSE

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