Islamabad, 28 December 2022 (GNP): One of Pakistan’s largest textile manufacturers, Nishat Chunian Limited, has declared that it will temporarily halt operations due to the current political and economic unrest in the nation. Organizations are being forced to reduce or cease activities due to limited foreign exchange reserves, mounting debt, and a lack of energy.
“The company has an installed capacity of 219,528 spindles and 2,880 rotors in its spinning division. The company has decided to temporarily close 51,360 spindles after one month, due to current market conditions. However, the remaining units are operating normally. The company will restart these spindles as soon as market conditions improve.”- the company officials explained to Pakistan Stock Exchange.
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The 1990-founded business presently has 32 production facilities and employs up to 1800 people. Each factory unit, which has locations in Bhikki, Faisalabad, Ferozewatwan, and Lahore, specializes in a particular product line and makes a significant economic contribution through output and income.
