T T Ltd signs a MOU with the Chinese Delegation

• Security Code: 514142
• Company: TTL

T T Ltd has informed BSE regarding a Press Release titled "T T Ltd signs a MOU with the Chinese Delegation"

Press Release:

"Mr Rikhab C Jain, Chairman of T T Ltd signed an MOU with a Chinese Company at ITC Maurya Sheraton, New Delhi on December 15, 2010 for supply of textile products for a value of USD 10 million i.e. about Rs 45 crores. This is one of the 48 deals signed by the Chinese delegation (accompanying The Chinese Premier) with Indian companies and marks an historic event for the Company. This would increase the access of the Company into the large Chinese market and would improve the image of the Company in the very difficult Chinese market as a reputed, reliable and consistent supplier of textile goods.

Mr Rikhab C Jain, Chairman of the Company said we have discussed a much larger co-operation with the Chinese counterpart and expect to do over USD 20 million business over the next one year with them. He said India and China are two major textile players in the global market and there is huge scope of cooperation between the two. He said that we haven't even touched the tip of the ice berg in terms of possibilities between the 2 countries. The Company looks to sell cotton based items like fibre, yarn and fabric to China in a major way in the coming years. It is also planning to explore options of importing synthetic based textile products where China has a competitive edge over India."