Staff Report
ISLAMABAD: While the investors are showing a list of industries shutting down due to a Letter of Credit (L/C) issue from banks, due to lack of dollars, the textile industry is expanding by installing more than fifty thousand imported spindles.
This was disclosed by officials of the company while adding that JS Spinning Mills is working at 149,198 spindles, and wants to enhance its spinning capacity to fulfill its market requirements and higher demands.
Investment in new spindles to help boost economy
Moreover, the company has completed its civil works for the next 52,896 spindles, and its installation is underway. This machinery is imported from the LCs of the banks, too, without any hassle. This machinery work will be commissioned in the third quarter (January-March 2023).
For this purpose, the company has arranged Rs 3.7 billion and out of this Rs 2.4 billion has been acquired by LTFF facility of the Rs 1.3 billion is equity-based.
Another 100,000-meter fabric bleaching plant is in the construction phase and will be completed by the third quarter of the same fiscal year.
