Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 this is to inform you that 63 Looms in the weaving section of the Textile Division of the Company located at Asarwa Mills Ahmedabad is being closed with immediate effect due to the disruption in the market and cancellation of orders both in domestic and export markets due to the impact of Corona Virus Disease (COVID-19).
The said reduction in capacity would not result in material reduction in the top line of the Company as grey cloth would be purchased rather than manufactured in-house. The working of the Processing Department and other related sections of the Textile Division will continue though at reduced levels depending on market conditions.
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