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Newsline-National | May 2019

TT Group’s 2 hi-tech garment plants go on stream

During the Financial Year 2018-19, T T Limited has completed two Hi-Tech World Class Garment manufacturing projects at Avinashi (Tamil Nadu) and at Gajroula (Uttar Pradesh). These plants have been installed after modifying existing Spinning Mills buildings. Both plants have been approved for social compliance (SEDEX and WRAP) and as such now able to attract World giant garment importers on the strength of required compliance conditions for placing orders. High Tech World Class plants have been installed and quality systems have been put in place. Both these plants are eligible for Tuf Subsidies and State Government incentives presently in force for apparel industry.

This would further reinforce Company’s focus on Garment Productions, Domestic Sales and Exports. Company has also been exploring on test marketing basis in various other fields for diversification of company’s business to attractive and more profitable lines such as packaged food, agri products, bulk transportation, retail business, e-commerce and dairy products. Depending upon the results of test marketing, consultations and market feedback, company will pick up new lines to expand its business turnover to develop Brand strength and value creation.

As per SEBI requirements, board of directors has been reconstituted. Navratan Dugar, Founder Independent Director has resigned as Independent Director of the Company as per SEBI requirement as his age had surpassed 75 years limit and he was not keeping good health lately. There is no other reason for his resignation.

Padmashri VR Mehta, has been re-appointed as Independent Director of the company for a period of further five years subject to shareholder’s approval in the next Annual General Meeting including approval for waiver of age limit of 75 years. VR Mehta has exceptionally illustrative Administrative experience of serving from time to time as an Independent Director of some of the major Indian Companies such as Tata Motors, Tata Hitachi Construction Equipment Company, Tata Motors Finance, Century Enka, SPIC, Tamil Nadu Newsprint and Paper Limited (TNPL), TVS Motors, Essar Power, Haldia Petrochemicals etc. He was also the founder Managing Director of Dredging Corp-oration of India. He was also deputed to Asian Development Bank, manila, Philippines.

To energise T T Limited, a young highly dynamic practicing Chartered Accountant, Ankit Gulgulia has been inducted as an Independent Director. He is expected to contribute substantial inputs for chalking out Company’s strategy, economic policies and funding growth.

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