According to informed sources, the joint venture partner has been identified as ING Barings. But details of the new company are to be disclosed in 7 to 10 days time after the formalities are through. The group had been working on the venture for the past six months.

TTK Textiles for the fiscal ended December, 1997, registered a turnover of Rs 25 crore. The downslide in the spinning industry had a predictable effect on the company effect on the company and its spinning unit in Nagari was reportedly posting losses to the tune of Rs 35 lakh per month. The `Tantex' brand of briefsand vests had quietly disappeared from the shelves for the past eight months, but are now being stocked again in the hope of the new joint venture materialising.