Rajapalayam Mills concludes sale of assets, liabilities of Subramaniapuram Unit

26 Apr 2014

Rajapalayam Mills has completed the sale of assets and liabilities of Rajapalayam Mills - Subramaniapuram Unit on April 25, 2014. The sale is in accordance with the special resolution passed by the members of the company through Postal Ballot. Consequent to the above sale, the production capacity of the company has become 131,216 spindles and 3,368 rotors. The capacity of the company prior to the above sale was 146,480 spindles and 4,488 rotors. The above sale of assets will have no significant Impact on the operations of the company.

The cost of land / written down value (WDV) of other fixed assets sold was Rs 23.12 crore and these assets were sold for a consideration of Rs 33.31 crore. The company has also sold inventories, investment and other current assets related to the above said Unit at the current market value of Rs 10.13 crore and the cost of these assets as per books of accounts as on the date of sale was Rs 10.11 crore.

Rajapalayam Mills is engaged in manufacture and sale of yarns. It is one of the most advanced textile mill in the country and is setting the industry standard for quality and price for many years. Rajapalayam Mills is the first in the country to acquire an Open End Spinning machine in early eighties.

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