Textiles major Bombay Dyeing and Manufacturing Company today announced that it will wind up loss making joint venture PT. Five Star Textile Indonesia (PTFS) in due course.
"With the acquisition of additional 3,409 shares in existing joint venture in Indonesia, the shareholding of the company will rise to 86 per cent from 33.89 per cent at present, thereby making it a subsidiary of the company. This is a strategic move to wind up the loss making joint venture in due course," a company statement said here.
PTFS was incorporated at Jakarta in Indonesia in 1979 with an objective of manufacturing and selling of yarn, cloth and other textile products.
PTFS has registered a turnover of USD 1.84 million and net loss of USD 1.54 million in December 2017.
The company has been incurring losses for many years hence it has been decided to wind up the operations, the release said.
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