Century Textiles & Industries Ltd revealed today, that of the 6,600 Mumbai employees almost 6,300 chose to avail voluntary retirement scheme (VRS), which brought the operations almost to a stand-still.
Company, which has said its Mumbai unit suffers from high labour costs, taxes and water charges, has been cutting capacity for the last few years.
However, Century did not state its plans for the Mumbai property.
Few months ago company had announced its intentions to further shrink yarn production capacity, which has dropped to 77,000 spindles, now.
Weaving capacity too has been cut down from 1,200 to 500 looms.
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