TCNS Ltd. is in the process to close its export business.
Two highly placed sources confirmed this to Apparel Resources. The company didn’t reply to our e-mail in this regard.
With around 2,000 sewing machines and an annual turnover of Rs. 150 crore (from export), the Noida-based company is working with prestigious brands and retailers like Next, Walmart and Monoprix, among others.
“New generation of the business is not much keen towards manufacturing, and so management has decided to close the export business. Only manufacturing for own brands will be continued,” told a person on the condition of not disclosing his name.
“Due to lockdown many workers themselves left the factory and didn’t come back, while to rest we have told that due to the pandemic, there are no orders and so they have to look out for new jobs. The plan is to wind up the setup in next 2 to 3 months,” told another source.
He further added that the TCNS Ltd. is among the few companies in Delhi-NCR that have paid the full wage of April month (lockdown) to the workers.
Here it is important to note that the company earlier had its Bangladesh operations too, which are now discontinued.
In fact, just a few years back, it had around 17 units (5 in India and 12 in Bangladesh) and a total workforce of 11,000.