TT Limited, one of India’s well known vertical integrated company, is aggressively growing into garment manufacturing. Recently two of its hi-tech world class apparel manufacturing plants got functional.
Situated at Avinashi (Tamil Nadu) and Gajroula (Uttar Pradesh), these plants have been installed after modifying existing buildings. Each of the plants has 300 stitching machines. Following the compliance and seeking the orders from global markets, both plants are SEDEX and WRAP approved. This would further reinforce the company’s focus on garment productions for domestic sales as well as for exports. Both these plants are eligible for Amended Technology Upgradation Funds Scheme (ATUFS) subsidies and State Government incentives presently in force for the apparel industry. During 2017-18, the company had a turnover of Rs. 517.90 crore and garments had around 23 per cent share in the total business. It is mainly into innerwear, sports and casual wear for all segment.
Rikhab Chand Jain, Chairman of the group informed that apart from its core business of textile and clothing, the company has also been exploring on test marketing basis in various other fields for diversification. The opportunities are being explored in packaged food, agri products, bulk transportation, retail business, E-commerce, and dairy products. Depending upon the results of test marketing, consultations, and market feedback, the company will pick up new lines to expand its business turnover to develop brand strength and value creation.
In another development, as per SEBI requirements, Board of Directors of the Company has been reconstituted. Navratan Dugar, Founder Independent Director has resigned as Independent Director of the Company as per SEBI requirement as his age had surpassed 75 years limit and he was not keeping good health lately. VR Mehta has been re-appointed as Independent Director of the company for a period of further 5 years subject to shareholder’s approval in the next AGM including approval for waiver of the age limit of 75 years. VR Mehta has exceptionally illustrative administrative experience of serving from time to time as an Independent Director of some of the major Indian companies such as TataMotors, Tamil Nadu Newsprint and Paper Limited (TNPL), etc. He was also the founder MD of Dredging Corporation of India. Ankit Gulgulia, CA has been inducted as an Independent Director. He is expected to contribute substantial inputs for chalking out the company’s strategy, economic policies and funding growth.
