Leading manufacturer of cotton yarn, Indo Rama, will be having an owner-tag of CLC as it's entire plant and machinery at Pithampur, Madhya Pradesh have been sold out to this Delhi based group.
However, Mukesh Saxena, Vice President of Indo Rama did not back up this sellout.
Media sources revealed that CLC, which is already dealing into cotton yarn business, has purchased for about Rs350 crores.
On the other hand, P K Ojha, General Manager (HR), Indo Rama confirmed the sellout of the company.
Ojha added that cotton yarn unit of the company in Nagpur has also been sold out.
Giving reason of this sale Ojha said Indo Rama wanted to focus on polyester business to become the polyester king in India.
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