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DTI fails to resuscitate Frame Textiles
21 Jul '09
1 min read
The Department of Trade and Industry (DTI) expressed disappointment at not being able to revive Frame Textiles from closure despite efforts put in by the DTI and in the process has not been able to save 1,400 jobs.
Frame Textiles, which is owned by the Seardel Group, had announced in April that it would close down the spinning, weaving, processing and denim division of Frame Textiles as part of a restructuring plan.
Fibre2fashion had reported on July 15, of the plans of the DTI and Seardel to look for a strategic overseas investor, particularly from China, which does not seem to have materialized, leading to this decision.
The DTI said that many government departments had been involved in this endeavour to save the textile unit from closure, in a bid to save manufacturing capacity and jobs, under the threat of the economic crisis and global competition.
Frame Textiles, which is owned by the Seardel Group, had announced in April that it would close down the spinning, weaving, processing and denim division of Frame Textiles as part of a restructuring plan.
Fibre2fashion had reported on July 15, of the plans of the DTI and Seardel to look for a strategic overseas investor, particularly from China, which does not seem to have materialized, leading to this decision.
The DTI said that many government departments had been involved in this endeavour to save the textile unit from closure, in a bid to save manufacturing capacity and jobs, under the threat of the economic crisis and global competition.
Fibre2fashion News Desk - India
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