Vardhman Polytex Ltd. To Close Down Bhatinda Plant
Vardhman Polytex Ltd. To Close Down Bhatinda Plant
textileexcellence
The Board of Directors of Vardhman Polytex Limited has
approved the closure of operations at manufacturing unit of the company located
at Badal Road, Bathinda.
The company has stated non-viability due to
deteriorating condition of the machines, high operational cost, operational
losses as the primary reasons for the closure of the unit. In FY2023, the unit
had recorded a revenue of Rs 252.97 Crore from operations, accounting for
41.09% of VPL’s total revenue.
The current net worth of the company is negative at (-)
Rs 362.31 Crore.
Vardhman Polytex Limited was originally promoted by
Mohta Group and PSIDC under the name and style of Punjab Mohta Polytex Limited.
In 1987, Mahavir Spinning Mills Limited (MSML) took over the management of the
company, becoming a subsidiary of MSML.
After the family settlement, in January 2003, the
company was part of the Oswal Group. The company kept investing in its spinning
capacity in its Bhatinda plant over the years while also setting up textile
units in Ludhiana and Nalagarh.
