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Zhejiang Xinao Textiles to Invest Billions in New Project

China’s Zhejiang Xinao Textiles Inc. has announced ambitious plans to invest 6.5 billion yuan, or about $1.05 billion, in a new endeavor.

The scheme, titled the 30,000 Compact Spinning Upscale Eco-Textile Project Bill, was revealed Thursday at the 13th meeting of the board of directors. It’s focused on improving spinning level of automation, product quality and expanding the production of high-grade wool and fine yarn products, and will help boost the company’s competitiveness and expand its market share.

The project includes building a 1,067,621-square-foot plant containing both compact and high-spinning equipment that will yield an annual product capacity of 3,300 tons of combed pure wool yarn products.

According to a project feasibility report conducted by Zhejiang Provincial Architectural Design Institute, after the project is fully operational sales revenue for the year will reach 78.6 billion yuan ($12.3 billion).

Construction of the new project is expected to be completed by 2018.