GIC invests Rs 900 crore in Reid

Written by:
Subscribe to Oneindia News

New Delhi, Jun 24 (UNI) S Kumars Nationwide (SKNL) today said it has signed an agreement with Singapore's Indivest, where the latter will invest Rs 900 crore to own 25.4 per cent stake in its wholly-owned unlisted subsidiary Reid&Taylor India.

Indivest Pte is an affiliate of Singapore government's investment arm GIC Special Investments (GIC SI).

''Reid&Taylor has issued new shares and warrants to Indivest.

Post-conversion, GIC SI would own 25.4 per cent of Reid&Taylor, valuing the company at Rs 3,540 crore,'' a company statement said.

S Kumars will own 74.6 per cent of Reid&Taylor India post the investment from GIC SI.

GIC SI investment in Reid&Taylor will help to substantially strengthen Reid &Taylor and SKNL's business and their ability to grow in the luxury fabric and apparel and other textile segments of the textile industry, it added.


Please Wait while comments are loading...