Textured Jersey Lanka (TJL), a leading knit fabric manufacturer in Sri Lanka, has announced a number of significant investments and initiatives to add capacity, modernize its plant, and substantially reduce energy costs while expanding regionally, estimated at US $ 4 million investment. Keeping to its promise to be among the most sustainable companies, a new water treatment plant will also be constructed, which is expected to be completed during the last quarter of FY 2013-14.
In an effort towards reducing the overall energy costs, TJL has commenced the construction of a multi-fuel boiler and power plant, which is expected to be commissioned during the early part of the 2014-15 financial year at an estimated cost of US $ 4.5 million. Once operational, the plant is expected to produce the total current steam requirement of the factory, and substantially reduce its dependence on furnace oil. The steam generated will also be used for air conditioning, thereby reducing electricity consumption. Additionally, the steam will generate 1 MW of power, reducing the company’s dependence on the national grid.
The company also announced that it has entered into a Technical Service and Management Agreement with Ocean India Private Ltd (OCI), a knit fabric manufacturer located in India. According to the announcement, TJL will receive a fee of US $ 7,80,000 per annum for the services provided to OCI. The agreement is valid for a period of two years commencing from October 2013. In addition to the fee, the arrangement will provide TJL with insightful information and experience to ensure the successful implementation of its regional expansion strategy.
Working with some of the world’s largest apparel brands such as Intimissimi, Victoria’s Secret, Marks & Spencer, Decathlon, and DBA brands, and aspiring to grow with more brands the company has appointed Sriyan de Silva Wijeyeratne as the new CEO & MD of Textured Jersey.