The move is part of its attempt to diversify from textile making to making garments.
“TT is exiting from spinning and entering the garmenting and fabric business on a massive scale,” the company said.
Garment and Fabric turnover is targeted to be doubled up 2018-19 and to target speedy growth in years thereafter, it said.
It said it will continue to open branded stores in the franchisee model to push its garments.
“The company is also emphasing and expanding its retail stores under brand of “T T Bazaar”,” it said, adding that it has already opened 50 such showrooms.
“Another 50 stores are in pipeline. The Company is targeting to open 250 such stores by 2019. All such stores shall be on Franchisee model.”
It said it is appointing distributors states where it has lower coverage, such as Chhattisgarh, Assam, Andhra Pradesh, Tamil Nadu, Telangana, Maharashtra and Karnataka.
The company also said its new factory will enjoy benefits of central subsidies and incentives as well as special subsidies and incentives declared by the new Textile Policy of Uttar Pradesh.