Mohit Ind gets loan sanction for ₹18 cr

Mohit Industries has received sanction for a term loan of ₹18 crore to fund its expansion plans. The total project cost of the expansion is ₹24 crore. Construction work for the first phase will be completed by end of this month and installation of machinery is expected by next month at its existing unit at Kim, Surat, the company informed the exchanges. The company plans to install eight texturising machines in a new building at its 2.5 lakh sq ft facility in Kim. Following this expansion, the company’s polyester draw texturised yarn capacity will almost double. Shares of Mohit Industries jumped 13.2 per cent at ₹60.45 on the BSE.