Bombay Dyeing to wind up loss making Indonesian JV

Bombay Dyeing and Manufacturing Company announced that it will wind up loss making joint venture PT. Five Star Textile Indonesia (PTFS) in due course.

"With the acquisition of additional 3,409 shares in existing joint venture in Indonesia, the shareholding of the company will rise to 86 per cent from 33.89 per cent at present, thereby making it a subsidiary of the company. This is a strategic move to wind up the loss making joint venture in due course," the company statement said.