Grasim industries, a part of Aditya Birla Group, on Wednesday claim that it will obtain Soktas India, which is also a textile firm for an undertaking value of Rs. 165 crores. The company has been listed under premium fabrics segment under the brand name of SOKTA, Giza House and Excellence by SOKTA.
Aditya Birla Group ought to strengthen it’s occurring in the fabric segment. The funds will be released by the company primarily from its internal accruals. The completion of the transaction will result in SIPL for becoming a wholly-owned subsidiary of Grasim.
Presently, SIPL is owned by SOKTAS Tekstil Sanayi ve Ticaret A. S., and is a world producer and marketer of fabrics, with its main facilities in Soke, Turkey.
As per Grasim industries, SIPL has a manufacturing provision located at Kolhapur, Maharashtra, with approximately production capacity of 10 million meters per annum of finished fabric.
Commenting on it, Aditya Birla Group Business Head (Textiles) Thomas Varghese said: “The acquisition is in line with Grasim Linen business strategy to strengthen its presence in the premium fabric market. Increasing disposable income, fashion and quality orientation of Indian consumers have resulted in an increase in the demand for premium fabric over the years.”
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