HP Cotton Textile Mills, a leading textile company, will establish a wholly owned subsidiary for Production Linked Incentive (PLI) scheme for textiles.
The firm is known for export of cotton specialty yarns and cotton sewing threads. It has a wide range of products like knitting yarns, embroidery and lace threads, patchwork and quilting threads and sewing threads.
The board has given an in-principle approval to establish this subsidiary and has also approved to make investment by way of capital and/or debentures and/or loans and/or corporate guarantees, subject to the approval of application filed under PLI scheme.
Issued by Ministry of Textiles, the PLI scheme is targeting to promote production of MMF (man-made fibre) apparel and fabrics and technical textiles products.
The company’s board will authorise any director of the company to establish a wholly owned subsidiary and complete the necessary formalities thereof.
Net profit of the Delhi-based HP Cotton Textile Mills declined by 5.13 per cent to Rs. 1.11 crore on 53.06 per cent rise in net sales to Rs. 35.71 crore in Q3 December 2021 over Q3 December 2020.
Source : https://in.apparelresources.com/