Itochu Asia decides to sell its Patspin stake

Itochu Textile Materials (Asia) Limited (Itochu Asia), a wholly owned subsidiary of Itochu Corporation, Japan, which was newly established in April 1998 for larger, deeper and quicker activity of the textile material business in Asia with focus for trading of textile raw materials has made a strategic exit Patspin India Limited under the advice of HSA Advocates.

Patspin India promoted by GTN Textiles in 1991 under the leadership of B K Patodia with financial assistance from Itochu Corporation, Japan, and Kerala State Industrial Development Corporation. With GTN holding majority of 46.21% stake in the company while Kerala State Industrial Development has 8.05% interest and Itochu holding 9.70% stake in Patspin.

Patspin India has set up a 100% EOU to manufacture medium and fine counts, combed or gassed yarn. The company’s manufacturing facilities are located at Kanjikode East in Kerala and Udumalpet in Tamil Nadu.

The company’s yarn range includes ring spun yarns, infiniti, wondertwist, svelte, and organic cotton. It sources raw materials from Giza (Egypt), Cotton USA, Australian Cotton, Pristine fromUSA, etc. PIL also manufactures value-added products such as twisting, gassing, knitting, precision dye package winding, and speciality yarn.

The company identifies itself with peers like Winsome yarn, Nitin Spinners, Shiva Texyarn in the listed space. In the last fiscal the company recorded revenue of R461 cr.