Indian Card Clothing Invests Further in UK Subsidiary Garnett Wire Ltd.

Indian Card Clothing Company Ltd. announced its Board of Directors has approved a proposal for further investment in the equity share capital of Garnett Wire Ltd., its wholly-owned UK subsidiary. Garnett Wire Ltd. is engaged in manufacturing metallic card clothing and providing carding solutions. For the year ended March 31, 2026, Garnett Wire reported a turnover of £826,760 and a net profit of £27,497. The investment is classified as a related party transaction as a director of Indian Card Clothing also sits on Garnett Wire's board. The company stated the transaction will be at 'arm's length' with valuation by an independent valuer. Additionally, the board approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, and noted the resignation of Mr. Sanjeevkumar Karkamkar as Executive Director & CFO, effective September 1, 2026.