April 17, 2024
Corporates

RSWM Acquires Mathura Based Textile Mill Of Ginni Filament

RSWM Ltd, one of the biggest textile manufacturers in India has signed a binding term sheet with Ginni Filaments Ltd for proposed acquisition of its textile assets in Mathura for Rs 160 crores.

The acquisition is expected to be completed within ninety days of execution of term sheet subject to execution of definitive documents and receipt of necessary approvals.

“This acquisition is expected to result in an increase in turnover, employee strength, and plant capacity, thereby establish RSWM as a market leader,” a RSWM press release informed.

“The acquisition broadens RSWM’s reach, making it a significant player in spinning and knitting segments by strengthening its production capacity,” BM Sharma, Joint MD at RSWM said.

“This may also lead to enhancement in yarn production capacity of RSWM, while RSWM will also make substantial investment in the modernisation of the acquired assets,” he added.

“We will introduce the latest generation compact ring frames and advanced carding and comber machines including power infrastructure,” Sharma stated.

“With a strategic investment in upgrading acquired assets, RSWM will focus on operational efficiency and eco-friendly practices,” Riju Jhunjhunwala, CEO at RSWM also said.

“This move enhances financial stability and anticipates improved earnings. RSWM expresses gratitude to shareholders for their trust and looks forward to sharing the success,” he too added.

RSWM produces and supplies high-quality yarns to some of the most renowned brands in India and over 70 countries.

For the last 57 years, the company has been producing high-quality cotton, mélange, synthetic, novelty yarns, and denim fabric used to drape populations around the world.

RSWM is one of the largest manufacturers and exporters of synthetic and blended spun yarns from India.

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *