Board of Surat Textile Mills approves divestment of its Jolwa manufacturing division

At meeting held on 01 January 2022

The Board of Surat Textile Mills at its meeting held on 01 January 2022 has approved in principle the proposal for sale of its assets of Jolwa Manufacturing Division situated at Village Jolwa, Taluka Palsana, Dist. Surat ('Undertaking'), by way of an asset transfer/ slump sale on a 'Going Concern' basis on an 'as is, where is and what is' to Garden Silk Mills ('GSML') for a lump sum consideration of Rs.78 crore.

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