Vardhman Textiles forms JV with US-based A

New Delhi, Mar 24 (UNI) Vardhman Textiles Ltd today said it had signed a joint venture agreement with American&Efird Inc (A&E), a subsidiary of Ruddick Corp of US.

The joint venture will manufacture, distribute and sell sewing thread for industrial and consumer markets in India and overseas.

''The management expects that this strategic alliance will help the thread business of Vardhman by integrating with the global operations of A&E and its subsidiaries,'' a company statement said The agreement envisages A&E's participation initially to the extent of 35 per cent of paid-up equity share capital, with an option to increase its share up to 49 per cent within the next five years, the statement added.

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