Last Updated : Wednesday, September 25, 2019 19:30:17

TT LTD indends to exit from spinning biz, invited bids to sell PIPAVAV PORT Unit

NEW DELHI | MUMBAI | AHMEDABAD-GANDHINAGAR | RAJKOT – In a regulatory update as submitted to the Indian Stock Exchanges, New Delhi headquartered garment manufacturer TT Limited said of intending to exit from spinning business vertical and has invited bids from possible buyers to sell its spinning unit located on Port of Pipavav (in Gujarat), after having disposed spinning machinery at Gajroula (Uttar Pradesh), Avinashi (at Tirupur District in Tamilnadu).

Citing the reason to exit from spinning business, the company says it intends to concentrate and focus on its fabric garments, innerwear, outerwear and retail business and testing new areas including bulk transportation, packaged foods, imports etc.

The company update as submitted to the Indian bourses, titled, “INTENDS TO EXIT FROM SPINNING” read that, T.T. Limited has been trying for exiting from its Spinning business.

The Company has been successful in disposing off Company’s Spinning machinery earlier located at Gajroula (U.P.} and Avinashi (Tirupur, District: Tamil Nadu).

However Company’s ultra modern Green Spinning plant located in Cotton growing belt and at port town of Pipavav, Gujarat is most ideally located and has an unusually large freight savings in incoming Raw Cotton and Export shipments.

T. T. Limited is looking for a suitable outright buyer for its spinning facility.

The Company has already extended invitation to possible buyers and is about to start dealings.

T.T. Limited Company is now concentrating and focusing on its Fabric, Garments – Innerwear, Outerwear and its Retail business.

It is also testing its strength in new fields such as bulk transportation, packaged foods and building up an import line as well.

It is only because of such new initiatives that Company has been able to overcome and reduce otherwise heavy losses.

In near future as new initiatives bloom, Company would have a “right turn around very soon”, the filing claimed.


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