Rejoinder to misleading news item about Madura Garments

28th January, 2006

We refer to the news item, which appeared in Economic Times on 28 January 2006 entitled 'Madura seen up for grabs'.

The Madura Garments business of our company is performing strongly, and the company has no plan or proposal or thought of exiting the business whatsoever.

Despite our official denial, the story has still been carried as a speculative piece, presumably planted by some motivated elements.