Ginni Filaments Approves Rs 160 Cr Slump Sale To RSWM for Strategic Focus on Technical Textiles

The Board of Directors of Ginni Filaments has approved the transfer of its entire spinning, knitting, and processing undertaking located at Chhata, Mathura (U.P.) to RSWM, a listed company with a significant presence in textiles, on a slump sale basis for a consideration of Rs 160 crore. 

This decision was made during the board meeting held on 1 December, 2023.

Ginni Filaments, involved in the manufacturing of traditional textiles encompassing yarn, fabric, garments, and technical textiles including non-wovens and consumer products, aims to streamline its focus. RSWM, being one of the largest and well-established manufacturers of textile products, is poised to inject capital and fortify its position in this sector. The move ensures the security and future growth prospects of the employees in various units of Ginni.

Shishir Jaipuria, Chairman and Managing Director of Ginni Filaments, commented, “The transfer of the spinning, knitting, and processing undertaking will enhance the company's financial position, particularly as the traditional textile business grapples with 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 producing wipes, liquid cosmetics, cotton yarn, knitted fabric, nonwoven fabric, and garments.

Saket Jaipuria, Executive Director of Ginni, added, “The company has been successfully manufacturing technical textile products for hygiene and medical applications, and has ventured into the production of cosmetic products, witnessing 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.”