Suryajyoti Spinning Mills is entering into the business of builders and contractors at an appropriate time in the future as the board may deem fit.The resolution to diversify into this business was passed by the shareholders of the company at the AGM held on 28 September 2007. Going forward the company proposes to enter this business for which it has taken an enabling approval from its shareholders.Recognizing the need to improve infrastructure, the Government has announced commitments to build large infrastructure projects through significant public expenditure and with the help of private partners. During the next five years investments of more than US$ 300 billion in infrastructure are expected. The company is keen to capitalize on the opportunities present in the sector.At present, the company is setting up a bottom-weight fabric weaving, processing and finishing facility in collaboration with an Italian company. The fabric produced will be sold in India and overseas under the pangea brand name and the company expects to fetch a premium price for the fabric. The company expects the project to be commissioned by March 2008.
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