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Vardhman Polytex to close down Austrian subsidiary
24
Jun '09
Vardhman Polytex Ltd has informed that due to current recession in Europe, the Group is restructuring its Yarn Dyed Shirting Fabric business.

As a part of restructuring, it has been decided to close down Subsidiary Company namely, "F M Hammerle Nfg GmbH" based in Dornbirn, Austria. In this regard, the Group has shifted part of Manufacturing facility in Dornbirn, Austria to another subsidiary Company namely Oswal F M Hammerle Textiles Ltd., Kolhapur.

With this restructuring, the Group is focusing to serve the customers of yarn dyed shirting fabric from its state-of-the-art facility in Kolhapur, India. Accordingly, the subsidiary Company namely F M Hammerle Nfg GmbH in Dornbirn, Austria has filed the bankruptcy papers as per the laws of Austria.

Oswal Group is primarily in the business of spinning and dyeing of all types of yarns in different blends and manufacturing of garments.

Oswal Group

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