Polyspin Exports has received approval for permanent closure of operations at its Textile Division namely PEL Textiles (A Division of Polyspin Exports) situated at 206 B/1, Sankarankovil Road, Cholapuram South, Rajapalayam (Via), Virudhunagar District, Tamilnadu, which is manufacturing OE Yarn. The Board of Directors of the company at their meeting held on August 14, 2023 has considered and approved the same.
The Business activity for Manufacturing of OE Yarn will be discontinued at the Textile Division due to reasons including unfavorable market conditions for the past several years, un-remunerative selling price of Yarn for the past several years, unpredictable frequent increase in Rawmaterial Prices for the past several years and the performance of the Division was not satisfactory and it’s making unviable to run the Division.
Polyspin Exports is engaged in the manufacture and sale of PP woven FIBC bags. These bags are air permeable and are widely used in developed countries for packing vegetables. The company also in the business activities of PP Woven FIBC Bags, Cotton Textile Fabrics.
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