Bharat Biotech Picks 20% Stake In Eastman Exports
Bharat Biotech Group has picked a 20 percent stake in one of India’s biggest knitted garment exporters, Tirupur based Eastman Exports.
Eastman Exports will use the new investment for capital expenditure, strengthening backward integration and customer acquisition among others.
The funds will also help the company increase its presence in the global apparel industry, especially at a time when other countries are facing a slowdown and to capture the overall China plus one strategy of divesting manufacturing away from a single country.
“The investment is a strong vote of confidence in our business. We have already set up an office in the US and our UK office is expected to open soon. With India signing a Free Trade Agreement with the UAE, we will look at foraying into West Asia as well,” N Chandran, Chairman of Eastman Exports said.
The company is also keen on venturing into the Australian, Japanese, UAE and European markets, following India’s Free Trade Agreements (FTA’s) with them.