14 August 2023, Mumbai
TT Limited: A Journey from Fiber to Fashion
- Legacy and Evolution
TT Limited is a leading apparel manufacturer with a rich legacy of 45 years. The company has consistently adapted its production locations to leverage competitive advantages across clusters.
In the 1990s, TT Limited established a spinning unit in Gajraula, Uttar Pradesh. The unit was later transformed into a garmenting center after the company divested its spinning assets.
Today, TT Limited is strategically shifting towards the Noida/Pilkhuva cluster in Uttar Pradesh and the Greater Kolkata, West Bengal area. These locations are home to established garment hubs with skilled labor and other benefits.
- New investments and expansion plans
TT Limited has already begun work on new garments units in Noida/Pilkhuva and Greater Kolkata. The company also plans to expand its Tirupur unit by 2024-25, which would double its capacity.
In addition to these investments, TT Limited's Managing Director, Shri Sanjay Jain, has inked an MoU with the Uttar Pradesh government for a textile unit under the PM Mitra Scheme in Hardoi District. The company also plans to build a fabric manufacturing unit in Surat, aligned with the Textile Ministry PLI2 scheme.
- Restructuring to boost profitability
TT Limited's board has approved the transfer of ownership of its Gajraula unit. This move is expected to boost profitability by reducing debt and stemming interest outflows. The restructuring is targeted for completion by March 2024, and it aims to reduce debt by 74% from pre-COVID levels.
- Focus on value-added segments
Despite global challenges stemming from the Ukraine war and demand recession, TT Limited is confident of maintaining a positive trend. The company is focusing on value-added branded segments and efficient infrastructure utilization.
- Revitalization of yarn, fabric, and export business
TT Limited is also revitalizing its yarn, fabric, and export business, which has been impacted by various factors including COVID, geopolitical tensions, and price fluctuations.
India's robust GDP growth and substantial population have strengthened the Textile Industry's resilience against global headwinds.
Overall, TT Limited is a leading apparel manufacturer with a rich legacy and a bright future. The company is committed to innovation and growth, and it is well-positioned to succeed in the years to come.
