Prime Textiles Ltd has informed that the Board of Directors of the Company at its meeting held on November 21, 2007 has decided to suspend the working of the Spinning facilities of the Company.
The suspension is an interim measure necessitated by uneconomical working conditions, shortage and unworkable price of raw materials, accumulation of unsold stocks, spiraling costs of production, adverse market conditions and resultant losses.
The Company will explore possible alternatives to restore viability including resumption of working of the facilities, subject to improvement in market conditions and curtailment of high operational and fixed costs.
The suspension is an interim measure necessitated by uneconomical working conditions, shortage and unworkable price of raw materials, accumulation of unsold stocks, spiraling costs of production, adverse market conditions and resultant losses.
The Company will explore possible alternatives to restore viability including resumption of working of the facilities, subject to improvement in market conditions and curtailment of high operational and fixed costs.
