Century Textiles has sold its yarn and denim units to Manjeet Cotton. The company received a consideration Rs 62 crores for both the units. Mumbai-based Century Textiles and Industries is active in textiles, viscose filament yarns, cement, and pulp and paper. In the textile business, Century has two revenue streams: cotton fabric and denim units. The company has a vertically integrated plant at Bharuch for manufacturing cotton fabrics. The cotton division of is one of the oldest players in India and manufactures a wide range of premium textiles and supplies to many international players, including Royale Linen, Ralph Lauren, DKNY, Belk and US Polo. Century Textiles’ financial metrics have declined, mainly due to its high debt.
Manjeet Cotton is a diversified group with investments in raw cotton ginning, spinning, renewable energy, real estate and education. Founded in 1982 it has grown to become the largest ginner of raw cotton in India, with 1250 DBRs and operations spread across all the eight cotton growing states in the country. The company has 26 captive ginning and pressing units with a production capacity of over 1600 MT per day (10,000 bales), covering almost five per cent of India’s cotton production, and having a dedicated supplier base of over 4,00,000 farmers.