5 months ago
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Ginni Filaments, manufacturing traditional and technical textiles, has divested its spinning, knitting, and processing unit. .
According to a press release from the company, the Board of Directors of Ginni Filaments approved on December 1, the transfer of its entire spinning, knitting, and processing undertaking located at Chhata in Uttar Pradesh to RSWM Limited, on a slump sale basis for ₹160 crore.
Shishir Jaipuria, Chairman and Managing Director of Ginni Filaments, said the transfer will strengthen the financial position of the company since traditional textile business continues to suffer on account of adverse global geo-political situation. Ginni will focus on technical textiles.
Saket Jaipuria, Executive Director of Ginni, said the sale is expected to be completed in three months. Ginni is producing textile products related to hygiene and medical applications and has ventured into cosmetic products. It sees substantial growth on this front.
