Deals17 Aug 2024, 11:38 pm
Akshar Spintex Loses International Order of Rs. 171 Crores Due to Political Instability in Bangladesh
AI Summary
Akshar Spintex Ltd, an Indian textile company, has announced the cancellation of a significant international order worth Rs. 171 Crores from Beximcorp Textiles, Dhaka-1208. The cancellation is due to ongoing strikes and political issues in the region, which have severely disrupted Beximcorp's production capabilities. The company regrets the inconvenience caused and hopes to work together with Akshar Spintex in the future under more favorable conditions. The order was for supplying 7400 MT Processed Cotton yarn in 4 phases.
Key Highlights
- Akshar Spintex loses an international order worth Rs. 171 Crores from Beximcorp Textiles, Dhaka-1208.
- The cancellation is due to ongoing strikes and political issues in Bangladesh, causing significant operational challenges for Beximcorp.
- Beximcorp has been unable to resume operations and fulfill the order as scheduled.
- The order was for supplying 7400 MT Processed Cotton yarn in 4 phases.
- Akshar Spintex and Beximcorp are open to discussing necessary steps to resolve the situation.