BK Birla group firm Century Textiles and Industries Ltd is planning to re-enter its shipping business, which it closed down 7-8 years ago, further diversifying its business portfolio, a Reuters report said quoting RK Dalmia, senior president of the company.
Century, which sold all its vehicles then, will now have to start from scratch, the report quoted Dalmia as saying. "We had sold all our vessels back then, so we do not have any vessels at present," he was quoted as saying.
Century textiles, which is a leader in cotton textiles, also has a major presence in cotton yarn, denim, viscose filament, rayon, tyrecords, caustic soda, sulfuric acid, salt, cement and pulp and paper.
Century Textiles will seek shareholders' approval for the proposals at its annual general meeting scheduled to be held in July.
Century, meanwhile, is planning to expand its cement business after it reported a 43 per cent increase in its FY10 net profit at Rs339.47 crore from Rs236.54 crore in the previous fiscal, on higher revenues, makes cement, denim, paper and yarn.
Century's income from operations rose to Rs4,833.22 crore in 2001-10 financial year from Rs4,215.91 crore in the previous financial year.