Polyspin Exports Limited announced that the Board of Directors of the Company at their meeting held on August 14, 2023 has considered and approved the proposal for permanent closure of operations at Company's Textile Division namely M/s. PEL Textiles (A Division of Polyspin Exports Limited) situated at 206 B/1, Sankarankovil Road, Cholapuram South - 626 139, Rajapalayam (Via), Virudhunagar District, Tamilnadu, which is manufacturing OE Yarn.