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Vardhman in joint venture with Japanese firm

Vardhman in joint venture with Japanese firm
PTI
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First Published: Sun, Jun 07 2009. 12 59 PM IST
Updated: Sun, Jun 07 2009. 12 59 PM IST
Chandigarh: Vardhman Textiles Ltd has joined hands with Japan-based Nisshinbo Textile Inc for setting up a shirt manufacturing facility at Ludhiana in Punjab, with an investment of Rs30 crore in order to cater to high-end domestic and global markets.
“We have entered into joint venture with Nisshinbo for manufacturing men’s shirts in Ludhiana,” Vardhman Group Chairman S P Oswal said.
The plant would have a total manufacturing capacity of 1.8 million pieces of shirts per annum and the plant is expected to be operational in the middle of 2010, said Vardhman Textiles chief executive V K Goyal.
A separate company has been floated in the name of Vardhman Texgarments Limited for running this joint venture, in which equity participation of Vardhman Textiles Limited and Nisshinbo would be in the ratio of 51:49, he said.
As part of the joint venture, Nisshinbo would market shirts in the overseas markets and would provide technical assistance for the manufacturing operations. Interestingly, Nisshinbo has been one of the oldest customers of Vardhman Textiles for buying yarn.
This venture is a step towards gradual integration of textile value chain, he said.
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First Published: Sun, Jun 07 2009. 12 59 PM IST