Gokaldas Exports Acquires UAE Based Garment Producer Atraco
One of India’s biggest garment exporters, Gokaldas Exports will acquire UAE based apparel manufacturer Atraco, through one of its subsidiaries for US $55 million (around Rs 455 crore).
Atraco, which is headquartered in Dubai manages four clothing manufacturing factories in Kenya and one in Ethiopia and manufactures around 40 million garments per year
“The $55 million deal will be funded through a mix of internal accruals and debt,” the Bengaluru headquartered Gokaldas said in a statement.
The transaction subject to customary regulatory approvals will consist of acquiring shares and assets and is expected to be completed by the third quarter of the current fiscal.