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.
The textile exporter 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.