HP Cotton Textile Mills board to form subsidiary for PLI scheme in textiles; Stock zooms 6%

9 Mar 2022 , 01:56 PM

H P Cotton Textile Mills Ltd has informed that the Board of Director’s in their Meeting held on March 07, 2022 has given in-principle approval to establish a wholly owned subsidiary for production linked incentive (PLI) scheme for textiles and to make investment by way of capital and/ or debentures and/ or loans and/ or corporate guarantees, subject to the approval of application filed under PLI Scheme which is intended to promote production of MMF Apparel & Fabrics and Technical Textiles products, issued by Ministry of Textiles, Government of India.

Subsequent to the approval of application under PLI Scheme, the Board of Directors will approve and authorize any Director of the Company to establish a wholly owned Subsidiary Company and complete the necessary formalities thereof, said company.

At around 1:59 PM, H P Cotton Textile Mills was trading at Rs128.85 apiece up by Rs7.3 or 6.01% on Sensx.