Reliance Capital picks up 14.55 pc equity in Maxwell Industries

Mumbai, Apr 19 (UNI) Reliance Capital Partners, a part of Reliance Capital Group, will acquire 14.55 per cent fully diluted stake in Maxwell Industries Ltd, a leader in the Indian innerwear industry, for a consideration of Rs 45 crore.

The equity infusion will help achieve financial closure for Maxwell Industries' planned Rs 250 crore expansion aimed at launching international brands in India and export outsourcing projects in the pipeline, said a release here today.

Singh and Associates Advisors Pvt Ltd have acted as advisor for this equity transaction.

As part of corporate restructuring program, Maxwell will amalgamate its sister companies -- Lovable Lingerie Pvt Ltd., (manufacturer of Lovable Lingeries) and Microtex India Ltd., (manufacturer of Live-in Jeans) with itself. The group turnover will be around Rs 260 crore for FY'06 and targets to achieve Rs 600 crore in the next two years after completing the present round of restructuring and expansion.

UNI SN PP SKB1841