Konark Synthetic plans to set up a new unit at Vapi in Gujarat with an investment of Rs. 30 crore. This unit will produce fancy yarn for home furnishing fabrics. According to sources, the company has applied to the Gujarat Industrial Development Corporation (GIDC) for 10,000 sq meter of land for the project. The proposed weaving unit will be constructed on approx 20,000 sq ft. of land. Mr. Manohar Sharma, Vice-president, Konark Synthetic said, “The work has already started on the project and should be completed by June 2006”. But he was tight-lipped on the details of
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| the project. Sources, however, say that the company also plans to set up an administrative unit at the new plant. The project will be financed through a rights issue, which the company plans in the ‘near future.’ The Mumbai-based company has been in the specialist in yarn business for 25 years. While most of its clientele are domestic, Konark has international presence in countries such as Turkey and China. The company had a gross sale of Rs 12.7 crore in the first half of this fiscal year and a net profit of Rs 1.64 crore. In the 2004-05, Konark reported a gross sale of Rs 22 crore and net profits stood at Rs 70 lakh. 
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