In order to concentrate on its core business of spinning and yarn dyeing, Priyadarshini Spinning Mills has sold off its garment production business.
The clothing production unit has been sold to Marigold Landmark Estates for a total consideration of Rs. 106 million.
Priyadarshini will clear all its outstanding debts taken for the garment business and invest the rest in its working capital requirements.
The textile company has a production capacity to spin 35 tons of yarn per day and yarn dyeing capacity of 10 tons per day.
The company had declared a loss of Rs 78 million in the year ending March 2010. Hiving off the garment business is expected to make it profitable.
Fibre2fashion News Desk - India
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