Brief: Soma Textiles and Industries to close down co's Ahmedabad textile unit from Aug. 10

Soma Textiles & Industries

22/07/2016 11:40

July 22 (Reuters) - Soma Textiles & Industries Ltd  SOMA.NS : 
 * Decided to completely close down co's textile unit at Ahmedabad with effect 
   from August 10, 2016 
 * Decided to close down unit because of continuing losses, tough competition, 
   market crisis and other adverse factors 
 
 * Source text: 
Soma Textiles & Industries Ltd has informed BSE that in the present Scenario of Textile Industry, it is not viable to continue Garment Unit at Company's Textile unit at Ahmedabad because of its continuing losses due to high operative cost followed by tough competition from small garment units in unorganised sector, market crisis and other adverse factors. The Management has thus decided to completely close down the Garment Unit with effect from August 10, 2016. 
 
 * Further company coverage  SOMA.NS   
 ((Bengaluru Newsroom; +91 80 6749 1130))