One more textile company is entering the capital market. Geared up to expand, Mumbai-based Neelam Linens and Garments is the new name on this list.
So far, this year, nearly 8 companies have entered the capital market, among them are Vishal Mega Mart, Divyadhan Recycling Industries Limited (DRIL), Paramount Dye Tec Ltd, Sanathan Textiles, Silkflex, Baazar Style Retail Limited, Shree Karni Fabcom Limited and Kalahridhaan Trendz.
Under the leadership of Kantilal Jethva and Bhavin Jethwa, the company has a revenue of US $ 12.31 million for FY 2023 compared to US $ 12.06 million in FY 2022.
The company, having its manufacturing facility of soft home furnishing products in Bhiwandi has clients like Tuesday Morning, TJX, Pem America, LinCraft Australia, Big Lots, 99 Cents and U.S. Polo Assn in overseas markets while for the domestic market, it is working with Meesho, Amazon and Amersons store. Its major products include pillow covers, bed sheets, duvet covers, towels, dohers and garments.
“We aim to expand and diversify our product portfolio by increasing the product base and introducing a new range of product lines. We plan to enter into manufacturing activities in order to capture future growth trends. We intend to explore opportunities to expand our operations by developing new products and services within our existing lines of business,” the company said.
As per the information available, the company will utilise this money to fund capital expenditures including adding around 14 embroidery machines; repaying certain borrowings; and serving general corporate purposes.
Also read: Recycling-focused textile companies taking IPO route to expand
