GIC invests Rs 900 crore in Reid

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.

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