Priyadarshini Spinning Mills has decided to exit from garment manufacturing business and has sold its garment unit to Marigold Landmark Estates for Rs. 10.60 crore. The company will concentrate on spinning and yarn dyeing in textiles. It plans to clear all outstanding term loans against the garment factory and use the remaining proceeds towards its working capital requirements, says a release.
The company's spinning mill capacity is n now at 35 tonnes a day and yarn dyeing capacity is 10 tonnes a day. It had registered Rs. 7.80 crore loss in the year ended March 31, 2010. This deal will help in making the company profitable.
