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Nisshinbo-Vardhman enter into JV for shirt manufacturing

27
May '09
Vardhman Textiles Limited has recently entered into a Joint Venture Agreement with Nisshinbo Textile Inc. Japan for manufacturing men's shirts. Nisshinbo is a world class textile manufacturer with comprehensive operations including spinning, weaving, knitting, finishing and sewing. The joint venture would be implemented in a separate company promoted by the name of 'Vardhman Texgarments Limited'.

Mr. S. P. Oswal, Chairman, Vardhman Group of Companies informed that the total manufacturing capacity of the project shall be about 1.8 million pcs. per annum. The estimated capital cost for the project is Rs.30 crores which will be financed partly from equity contribution by joint venture partners and partly by debt. The project shall be located at Ludhiana in Punjab. The equity participation of Vardhman and Nisshinbo would be in the ratio of 51:49.

The joint venture company will supply majority of its production for international markets through Nisshinbo. The JV company shall also manufacture shirts for supply to the domestic brands. Nisshinbo shall also provide technical assistance for setting up the facilities and for the manufacturing operations.

This venture of Vardhman is a step towards a gradual integration of its Textile Value Chain to meet the clothing requirements of higher end customers in domestic and international market.

Vardhman Textiles Limited


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