Home / Knowledge / News / Textiles / Nanjing govt to compensate Dogi for textile plant
Nanjing govt to compensate Dogi for textile plant
21
Sep '11
Dogi, a Catalan textile company and a European leader in the manufacture of elastic fabric, will receive 105 million RMB in compensation for expropriation of its textile plant in China's Nanjing city.

In the first half of current year, the Regional Government of Nanjing had informed Dogi of its intention to reclassify the factory land as non-industrial.

Subsequently, negotiations were held to determine the exact amount of compensation to be paid for confiscation of the factory building and redistribution of the land for other use.

The agreement reached this month between Dogi and the local authorities gives the textile manufacturer 105 million RMB or 11.5 million euros in lieu of the land, and the existing buildings and fixtures on it.

The assets not included in the agreement are still owned by Dogi, and are to be removed from their current location by November 30, 2012. If necessary, however, the time period can be further extended for a period of 3 months.

Last year, Dogi registered a net profit of 12.85 million euros, compared to a loss of 29.3 million euros in 2009. In the initial six months of 2011, the textile company made a loss of 4.7 million euros.

Dogi said it will now find new ways to continue its trading activities in the Asian market.

Fibre2fashion News Desk - China

Must ReadView All

Neelesh Hundekari speaking at the event. Courtesy: Subir Ghosh

Textiles | On 27th May 2017

Fabric of Change initiative announces €250000 scaling fund

The Fabric of Change initiative of Ashoka and the C&A Foundation is...

Pakistan's Finance Minister Mohammad Ishaq Dar presenting Budget 2017-18 in National Assembly in Islamabad on May 26. Courtesy: PID, Pakistan

Textiles | On 27th May 2017

Pakistan Budget 2017-18 proposes 4 new measures

To support the textile sector in Pakistan, finance minister Mohammad...

Textiles | On 27th May 2017

Indian exports can touch $325 bn in 2017-18: FIEO

Indian exports are on upward trend in last few months as the country...

Interviews View All

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search