The Board of directors has decided to close Textile Unit subject to the approval of requisite Government Authorities
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The Board of Directors of Hindoostan Mills has decided to close its Textile Unit located at Karad, Maharashtra, pending approval from Government Authorities. The unit has been loss-making for more than five years and has had no production or orders since October 2024 due to weak demand and unviable pricing. The company has stated there is no foreseeable viability for the unit's operations. The Board has approved submitting a closure application to the necessary Government Authorities, with the board meeting held on April 15, 2025.
This is a rational exit from a chronically loss-making segment, which could free up capital and management focus for more profitable parts of the business. Short-term costs from closure (such as employee payouts and settlement expenses) may weigh on near-term earnings, but the long-term effect should be positive as the company stops absorbing continuous losses.