IKEA says will continue to do business with Welspun India, to await sales probe outcome
Welspun's shares have plummeted this week after U.S. big-box retailer Target terminated business with the firm, saying it had passed off cheap sheets as premium Egyptian cotton
Swedish home furnishing giant IKEA AB said it would continue doing business with Welspun India while it awaits the outcome of the Indian textile manufacturer's probe into its sales practices.
Welspun's shares have plummeted this week after U.S. big-box retailer Target terminated business with the firm, saying it had passed off cheap sheets as premium Egyptian cotton.
"To our knowledge and according to our continuous verifying processes, the supplier delivers according to our agreements," IKEA said in a statement issued on Wednesday in response to a Reuters inquiry.
"However, we will follow their ongoing investigation carefully and await the outcome. Until then our business collaboration continues as usual."
IKEA also said it did not buy products made from Egyptian cotton. It said that, from the end of its 2015 fiscal year, it only bought cotton from more sustainable sources whose standards were not met by Egyptian producers.
A vast forest area of Mendhar has been under tight security cordon since Thursday, when riflemen Vikram Singh Negi and Yogambar Singh, both from Uttarakhand, were killed in an encounter with terrorists in the Nar Khas forest
There was no fresh contact with terrorists during the ongoing operation in the dense forest areas of Surankote in Poonch and nearby Thanamandi in Rajouri, the officials said
Kashmir's migrant workers throng railway stations, bus stands to leave after targeted killings of non-locals
Officials said that security in and around the railway stations and bus stands in Jammu, Udhampur and Kashmir has been beefed up as a precautionary measure