Baig Spinning Mills has decided to wind up its business due to escalating costs.

The Pakistan-based spinning mill blamed high bank mark-ups, Rupee depreciation, increased power tariffs and depressed market conditions for yarn for its closure.

The company's capacity was 15,192 spindles and 648 rotors, which were capable of producing more than 4.7m kg of yarn.

Baig had annual sales of around PKR550m (US$6.92m) and employed around 600 people.

The All Pakistan Textile Mills Association (APTMA) told just-style that around 30% of textile capacities in Pakistan are estimated to be closed.