Indus Fila acqures 51 pc stake in Indus Garment

Mumbai, Jul 5: Indus Fila Ltd (IFL), a part of Indus Mandhana Enterprise, Bangalore, an Integrated and textile apparel company, today announced that it has acquired 51 per cent stake in Indus Garments (India) Pvt Ltd (IGPL) for a consideration of Rs 93.50 million.

IFL, a part of Indus Mandhana enterprise is an integrated textiles and apparel company from yarn dyeing to apparels with last year financial closing of Rs 273.64 crores. The IGPL too an is a part the Indian textile group originating from Banaras has presence in textile business for over eight decades. In the apparel manufacturing business 96.60 per cent of its products are being exported to American and European customers, a company release said.

Commenting on the acquisiton, Mr Vivek Kumar, the Managing Director of IGPL said, ''Looking at the current market and the business trend, we decided to join hands with Indus Fila. This move will give both the companies a competitive edge and synergy of each others experiences and relationships in the market place.'' Mr Nitin Mandhana, the Vice Chairman and Managing Director of IFL that, acquiring 51 per cent stake in the Indus Garments is a perfect forward integration and excellent joint venture for both the companies.

UNI