The move is designed to ensure the security and future growth prospects of the employees in various units of Ginni.
The decision to transfer its entire spinning, knitting, and processing undertaking located at Chhata, Mathura (Uttar Pradesh) to RSWM, a listed company with a significant presence in textiles, for a consideration of Rs 160 crore was approved by the Board of Directors of Ginni Filaments. This decision was taken during the board meeting.
Ginni Filaments, a company engaged in the manufacturing of traditional textiles, including yarn, fabric, garments, and technical textiles like non-wovens and consumer products, aims to streamline its focus. RSWM, recognised as one of the largest and well-established manufacturers of textile products, is set to inject capital and strengthen its position in the sector. The move is designed to ensure the security and future growth prospects of the employees in various units of Ginni.
According to Shishir Jaipuria, Chairman and Managing Director of Ginni Filaments, “The transfer of the spinning, knitting, and processing undertaking will enhance the company’s financial position, especially as the traditional textile business faces challenges due to adverse global geopolitical situations. Ginni aims to concentrate on the technical textiles segment where it holds a leadership position.”
Ginni Filaments, a multi-locational manufacturing company listed on the stock exchange, is involved in the production of wipes, liquid cosmetics, cotton yarn, knitted fabric, nonwoven fabric, and garments.
Saket Jaipuria, Executive Director of Ginni, stated, “The Company has been successfully manufacturing technical textile products for hygiene and medical applications and has ventured into the production of cosmetic products, experiencing substantial growth. Strategic focus will now be directed towards this emerging segment, with several exciting opportunities being explored. The completion of the slump sale process is anticipated within three months.”