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'We will divest textile division at the right price', MD – Technocraft
27
Jul '11
Technocraft Industries (India) Ltd a producer of cotton yarn and clothing could hive off the textile division if it finds a buyer and at a right valuation. Technocraft is also a leading producer of iron and steel products, which include drum closures, tubes and scaffolding.

Technocraft is a 9001:2000 certified manufacturer-exporter of ring spun yarn and has approximately 61,100 spindles installed, with the latest machinery and exports to around 60 countries across the globe.

Along with which, it also has an apparel manufacturing unit and two brands; 'Danube Fashions' and 'Haute Chili', which were launched in 2005.

Giving clarifications on the move to hive off the textile division, Mr Sharad Kumar Saraf, MD, Technocraft Group told fibre2fashion, “Everything is up for sale for a price. If we find a good strategic partner or a buyer we may accept, because our core business is engineering and not textiles.

“Still, we are doing much better than some other mills so we might continue as well. As of now, we do not have any specific buyer or any specific price or any evaluation or anything. But we are open for any discussions”.

Delving out the main reason for divesting if they can fetch a good valuation, he said, “There is no particular reason, except that, we have options of redeploying the funds in businesses which may pay back better returns.

“If one sees our ten years performance, whatever we earned in textiles, is much less than what we earned in engineering. So, we would rather exit the textile business and invest where we can generate better returns. We may even look for partners or divest completely. We are open to all options”, he summed up by saying.

Fibre2fashion News Desk - India

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