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Punjab Newsline arrow More in News... arrow Punjab: Debt ridden OCM Textile mill at Amritsar heads for profits
Punjab: Debt ridden OCM Textile mill at Amritsar heads for profits Print E-mail
JAGMOHAN SINGH   
Thursday, 06 December 2007

AMRITSAR:  Gone are the days when OCM Textile mill when it was badly debt ridden and running in loss for the last one decade, now heading towards profit with new summer collections.
 

Talking to Punjab Newsline Chief Executive Officer of OCM India Limited Rajeev Surana said that since February 2007 OCM is leaping towards huge profit after being taken over the by American based company in Rs. 170 crore.    
 
Rajeev Surana who is Chartered Accountant manages the Finance policy of OCM said it was owned by   WL Ross & Co. LLC of New York in the month of February this year.    
 
Continuing further Surana said that WL Ross & C. LLC of New York is the company of Rs 40,000 crore and Rs. 5000 crore of the company is already involved the Textile business through the Burlington Worldwide (BWW).
 
Surana said that now the turnover of the Amritsar based OCM is Rs. 125 crore and it would touch Rs. 160 crore by next year. Now total employment in the OCM is eleven hundred staff members.
 
Surana said that earlier OCM was being run by the Birla Group and none of the director of the company ever bothered to visit in Amritsar for the last three decades. During the tenure of Birla Group employees were not getting regular salary and there was no bonus increment for the last one decade as company was running in loss.
 
Adding further Surana said that during the time of Birla he (Surana) was also Chief Executive Officer but Birla people never gave him free hand to introduce new technology and new designs as a reason company had become debt ridden. Now with the arrival of WL Ross & C. LLC of New York this OCM has become debt free and running in profit.
 
Surana claimed that OCM is leading Indian manufacturing company of worsted wool fabric in Amritsar. Now BWW will provide technical and manufacturing support to OCM in the development of new wool fabric with opportunities to promote and use fabric technologies developed by BWW.
 
Adding further he said that BWW will develop and operate an export program for the sale of OCM  products  to the U.S., European and Asian markets. OCM will be licensed to produce and sell enhanced wool fabric under the BURLINGTON brand name to the domestic Indian market.
 
Talking about the Textile industry of WL Ross & Co. LLC of New York, Surana said that majority owned by WL Ross is global diversified textile manufacturer with annual revenues in excess of $1.0 billion.
 
Continuing further Surana informed that International Textile Group was formed by WL Ross in 2004 and operates in five primary business segments: Automotive Safety, Apparel Fabric (Cone Denim and Burlington Worldwide), Government Uniform Fabric, Interior Furnishings and Commission Finishing. The company has worldwide operations in the United sTAtes, Mexico, China, Germany, Romania, the Czech Republic, Poland, South Africa, Nicaragua and Vietnam.
 
Talking about the Amritsar based OCM he said that OCM was established 80 years ago and now owned by the WL Ross  has product range from fine pure wool suiting to polyester wool and various wool blended combinations with silk, cashmere, mohair, camel hair, etc. 
 
 
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