Century Textiles has informed the Bombay Stock Exchange that the Century Yarn and Century Denim Units of the Textile Segment of the company, situated at Satrati, Dist. Khargone, Madhya Pradesh, operations of which were classified as ‘Discontinued Operations’ since October, 2017 have been sold and transferred to Manjeet Global Private Limited and Manjeet Cotton Private Limited respectively.
The company received consideration Rs 62 crore for both the units i.e. Rs 16 crore towards sale of Century Yarn Unit and Rs 46 crore towards sale of Century Denim Unit.
“The Company had offered VRS to the employees/workers on the payroll of the said units and has paid compensation and other dues to the remaining workers in accordance with law,” company said.
Manjeet Cotton Group is a diversified group with investments in raw cotton ginning, spinning, renewable energy, real estate and education.
Manjeet Cotton Private Ltd, founded in 1982 has grown to become the largest ginner of raw cotton in India, with 1250 DBRs and operations spread across all the eight cotton growing states in the country. The company has 26 captive ginning and pressing units with a production capacity of over 1600 MT per day (10,000 bales), covering almost 5% of India’s cotton production, having a dedicated supplier base of over 400,000 farmers.