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Target Corporation had terminated its contract with Gujarat-based Welspun over alleged lapses in its products supply. Shares of Welspun India were trading 4.55 per cent higher at Rs 95.35 apiece on BSE.
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Welspun India on Friday said it will work with US retail giant Target Corporation again, almost five years after Target terminated its contract with the Gujarat-based textiles maker over alleged lapses in labelling and marketing of Egyptian cotton products.
'The company and Target Corporation, a retailer with over 1,900 stores in the USA, will be working together again, having recently completed a vendor re-empanelment process with Welspun Global Brands Ltd., company's subsidiary,' Welspun India said in a regulatory filing. Welspun India said until 2015-16 , the business with Target Corporation accounted for almost 10 per cent of its overall business. 'The company shall strive to foster a strong, transparent and sustainable business relationship with Target Corporation going forward,' the company said. In 2016, Target Corporation had terminated its contract with Gujarat-based Welspun over alleged lapses in its products supply. Shares of Welspun India were trading 4.55 per cent higher at Rs 95.35 apiece on BSE.
(PTI)