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Eastern Silk to close down production at Unit 3

22
May '10
Eastern Silk Industries Ltd has informed that on account of adverse market condition and recession in Europe, the Company's major buyers in Italy have declined to purchase spun silk and noil yarn produced at one of the factories of the Company at Nanjangud, Karnataka.

Hence the Management proposes to close down the said Unit 3 with effect from July 15, 2010, for which permission is being sought for from Labour Department, Government of Karnataka.

In the year 1958, the export house of Eastern Silk embarked on its overseas business, with an export turnover of Rs 0.5 lacs. As on date, the export turnover stands at a voluminous figure of Rs 510 crores in the year 2008-2009, which is likely to cross Rs 600 crores by 2009-10.

Eastern Silk Industries Ltd


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