Yogindera Worsted likely to introduce own brand in garment sector

By Staff
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Google Oneindia News

Mumbai, Jan 10 (UNI) Yongidera Worsted, a Ludhiana-based firm engaged in the manufacture of acrylic yarn, blended yarns and fancy yarns, is planning to come up with its own brand in the near future.

Talking to the media on the sidelines of announcement of the company's IPO here today, Company Joint Managing Director Ajay Gupta said ''We're having both yarn manufacturing and spindle facilities at our plant, hence we are seriously planning to enter the garment sector with our own brand within a period of 3-4 months.'' Initially, the company would introduce basic wear in the market and after studying the market it introduce other garments later on.

At present the company is holding negotiations with a number of retail chain groups in the country for the sale of its products. The company is already the co-vendor for Spanish retail outlet major, Ikea.

Mr Gupta said ''We're planning to invest a sum of Rs 2.85 crore for the project money for which is likely to come via the capital market route.'' Presently the Company's raw materials, in the form of man-made yarn and woollen yarn, are procured from Thailand. The yarn being manufactured by the Company can be used in industries like winter wear, upholstery, higher fashion garments among others.

Mr Gupta has urged the Centre to reduce excise duty on yarn from prevailing 8 per cent to 4 per cent and 12.5 per cent to 10 per cent in the case of customs duty.

UNI

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