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| Wednesday, 7 January 2004 |
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Fantasia Elastics signs Rs 50 million agreement The BOI signed an agreement with Fantasia Elastics (Pvt) Ltd recently for Rs 50 million, bringing the total investment by the company to over Rs 200 million to date. This new investment by Fantasia Elastics, the country's second elastics manufacturer, will be utilised for an expansion unit in Mt. Lavinia for the manufacture of intimate elastic, to meet the demands of local apparel exporters supplying to leading global brand names such as Victoria's Secret and Next. Commenting on the company's diversification from the manufacture of commodity elastic to the manufacture of intimate apparel elastic, Fantasia Managing Director Hameed Ashraff said that this project will help sustain and strengthen the local apparel production base to integrate effectively to meet the post 2005 era with confidence. Asharoff said that expansions of this nature would benefit the country's apparel industry by shortening lead times, reducing costs and creating self-sufficiency in the supply of raw materials, resulting in a more concerted effort to add value to the foreign buyer. The expansion unit has been fitted with the latest machinery from Muller of Switzerland and Comez of Italy and has its own in-house dyeing and finishing facility. " There will also be a fully equipped laboratory which will test the quality of all products that leave the factory, in order to meet accreditation standards of UK and US buyers," Ashraff said. Fantasia also supplies knit and woven insert elastics to other world renowned brands such as Gap, Nike, M&S, Columbia and Liz Claiborne. |
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