Pakistan’s Interloop to invest over $92mn on production, energy expansion
- Company eyes export target of $670.8 million in FY25
Interloop Limited (ILP), one of Pakistan’s largest textile exporter, plans to invest around $92 million on its expansion as the company eyes to export goods worth $670.8 million in FY25.
Interloop shared the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday.
“We would like to-apprise that the Board of Directors of ILP in its meeting held on June 25, 2024, (Tuesday) approved the Annual Budget of the Company for the Fiscal Year 2024-25, amidst other items,” the company said in the notice.
“The export sales target for FY25 has been set at $670.80 million,” it said.
The BoD of ILP has approved to enhance capacity in hosiery by 25% with the installation and commissioning of Hosiery Plant 6 by QI’FY26, adding 1,584 additional knitting machines.
“Total approved investment for Plant 6 is $58 million.”
The BOD also approved a capital outlay of $18.8 million by Q4’FY26 for the commissioning of an additional 20 lines in denim.
“This expansion will be phased over two years, increasing capacity to a total of 18 million (approx.) garments per year,” it added.
ILP said that to cover consistent growing demand of dyed yarn, the board has approved the expansion of ILP in-house spun yarn dyeing capacity by 20 metric-tons to 28 metric-tons.
“Total capital outlay is approved at $13.2 million. The plant is expected to be commissioned by Q1’FY26,” it said.
Lastly, the company said that being cognizant of environmental impact of our ongoing expansions and to reduce GHG emissions, it has approved an additional 4MW capacity to solar generation, with the cost of $2.1 million, which would be commissioned by Q3’F Y25.
Textile giant Interloop’s profit surges 115% to Rs10bn in 1HFY24
“It will increase our green energy generation capacity to 16.6MW,” it said.
Based in Faisalabad, the textile manufacturer supplies socks and leggings to retailers consisting of Nike, Adidas, H&M, Puma, Levi’s, Reebok and Target. The company has five hosiery manufacturing divisions, located in Pakistan, Bangladesh and Sri Lanka.
Comments