Surat Textile Mills to sell Jolwa manufacturing unit assets

Surat Textile Mills Limited said that its board of directors has approved the sale of the company’s assets of Jolwa manufacturing division in Jolwa village in Taluka Palsana, Surat district to Garden Silk Mills Limited (GSML) for INR 78 crores.

The total revenue of Jolwa manufacturing division in the last financial year ended 31 March 2021 was INR 13,057.3 lakhs.

Garden Silk Mills Limited is classified as a promoter group company under the shareholding pattern which has a stake of 6.53% in Surat Textile Mills. However, Garden Silk Mills Limited is no longer a promoter group company and it has submitted an application with BSE Limited for reclassifying it from promoter category to public category.