Mr. Harish Cherukuri, Managing Director, Priyadarshini Spinning Mills Ltd. is a Post Graduate in Business Administration (with specialization in Marketing) from Illinois Institute of Technology Chicago, USA. He also has a Bachelors degree in Commerce from the Indian Institute of Management and Commerce. He is a promoter director of the company. Mr. Cherukuri is in charge of new projects, purchase development, business development, labour and customer relations. He is also involved in strategy planning for the organization. He has held a number of key leadership positions in Priyadarshini Spinning Mills Ltd.
Priyadarshini Spinning Mills Ltd. was incorporated in 1981. Today it has a turnover of nearly Rs2bn. The company’s primary manufacturing activity consists of yarn manufacturing and yarn dyeing. It has a capacity of 82,000 spindles and manufactures 35 tons of yarn every day. This capacity is spread over two yarn facilities. Priyadarshini manufactures 100% cotton and synthetic blends in various qualities. It also exports to countries in Europe, Middle East, Turkey and Russia amongst others.
Replying to Anurag More of IIFL, Harish Cherukuri, said, "The company plans to raise money from the market to execute the hydro power project."
Brief us about your products? Your share in the market?
The product profile consists of polyester/viscose blended grey yarn, polyester/cotton blended grey yarn, 100% cotton grey yarn, polyester/viscose blended fibre dyed yarn and 100% cotton yarn dyed.
The yarn market is very fragmented and therefore there is no player who commands a big share in the market.
Who are your clients?
Some of the leading customers in India include Raymond, Siyaram Silk Mills, Donier Synthetics, Shahi Exports, Fashion Knits, Ahill Apparels, Laurel Apparels, Tube Knits, SP Apparels and GoGo International to name a few.
Tell us about your domestic and international mix?
80% of our product is sold domestically.
Brief us about your plans to set up hydro and gas based power plants?
The company has finalized plans to execute the 12 MW hydro power project at Dummugudem on river Godavari, near Bhadrachalam in Andhra Pradesh. The total project cost is estimated at Rs900mn.
The company plans to raise money from the market to execute the hydro power project.
It is also working on acquiring more licenses for executing power projects based on hydro and natural gas.
We are working on getting additional allocation of gas. We hope to get the clearance this financial year itself.
Will you use the power for captive purpose or will you sell to others?
The power generated from gas and small hydro power projects shall be sold to the state or third party. We are in the process of closing the PPA (Power Purchase Agreement) soon.
Have you acquired any land for power plants?
We have identified the land required for the small hydro power project and are in the process of acquiring it.
We have not bought the land for the gas based power generation plant yet.
Give us your revenue breakup?
As of now all our revenue comes from the textiles business.
The current power generation is only for captive use.