Pakistan, April 16 -- Chakwal Spinning Mills Limited is making a significant move by investing over Rs 1.6 billion in cloud technology. This information comes from a filing at the Pakistan Stock Exchange (PSX) on Wednesday. The company aims to diversify its focus beyond the textile sector with this investment.

The board has approved a confirmed term sheet for Rs 1.1 billion. This funding will establish data centers and cloud operations in Pakistan. Additionally, the board is considering another term sheet worth Rs 500 million. The chairman has been authorized to finalize this investment.

This strategic step is designed to help Chakwal Spinning Mills enter new business areas. The investment aligns with their broader plans to shift away f...