Pakistan’s largest Textile firm Interloop Limited (ILP) has notified that its Hosiery Division – V plant is now fully operational amid commissioning of 1,200 machines. ILP sent the progress report to the exchange under requirement of its IPO Listing.

ILP has said that infrastructure and building-related works have also been completed, while management is confident that this plant will gradually achieve further efficiencies and contributes towards the profitability of the company.

ILP has also stated that it has successfully completed the first phase of the Denim project by installing a capacity of 20,000 units per day which is gradually making its place in European and North American markets. The project started its commercial operation in the Second Quarter of FY2020 and is now fully functional.

Moreover, ILP has plans to increase the capacity of the second phase of the Denim project to 40,000 units per day. The project is completed in terms of infrastructure since nearly 83% of the budget has already been consumed. The management of ILP is working to bring the first phase into profit before going into the second phase of the Denim Project.

The project cost has now been increased to PKR8.325 billion from an initial cost estimate of PKR6.75 billion for the Denim project amid currency depreciation. The cost over run to be financed by internal cash generation or Equity of the Company.

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