China’s Giant Eagle Group will be investing 600 million Yuan to increase its capacity of spindles for making fine cotton yarn from 200,000 at present to 330,000.
The new spinning assembly lines would be set up in the spinning park in Aksu, Xinjiang province, Chen Zhao, President of Giant Eagle said at a conference on industrial economy.
In 2011, the Giant Eagle Group upgraded and modernized its production process in spite of the various problems arising from the exchange rate, taxation, etc.
Last year, the Group’s output was worth 1.61 billion Yuan and its sales reached 2 billion Yuan, while its exports touched 800 million Yuan.
The Group is also planning to invest a sum of 1.2 billion Yuan on technological innovation in the knitting sector and for building major projects for developing good quality fabrics and apparels.