KPR Mill Limited, which makes yarn, garments and sugar, said it has decided to enter into what it called ‘branded retail business’.
“We wish to inform you that KPR plans to enter into branded retail business,” the company said in a regulatory filing. “(We have) initiated building up the retail business team,” it said.
However, the company did not clarify whether it plans to come out with branded garments or garments as well as retail outlets.
KPR Mill operates in both the Indian as well as export market.
Based in Tamil Nadu, the company has a capacity to produce 95 million garments per year and knit 27,000 million tons of fabric.
Besides yarn, textiles and garments, the company also manufactures crystal sugar and has over 66 wind mills with total captive power generation capacity of approximately 62 megawatts.
The decision to enter the branded retail business comes in the wake of a slowdown in the garment exports business.
The company in February approved the buyback of Rs 108 cr worth of its shares.