Financial Daily from THE HINDU group of publications
Friday, Jan 30, 2004
Financial Daily from THE HINDU group of publications Friday, Jan 30, 2004 |
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Corporate
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Mergers & Acquisitions Renfro India acquires Salora Shinsung Our Bureau
Mumbai , Jan. 29 RENFRO India Private Ltd, an Indian joint venture of Renfro Corporation US, on Thursday announced it had acquired Salora Shinsung Textile Company, a 100-per cent export-oriented sock manufacturing unit, located at Nashik. With the acquisition, the manufacturing capacity of Renfro India has increased to 300 knitting machines, making it, according to the company press release, the largest manufacturer of socks in India. The acquisition is in line with company plans to increase its manufacturing capacity to cater to increasing demands of the US and European markets. The company has also enhanced its capacity at its manufacturing facility at Sanaswadi near Pune. Renfro India will thus become an increasingly important sourcing base for Renfro Corporation globally. Mr C.Y. Pal, Chairman, Renfro India, said in the press release: "We have been looking at setting up manufacturing facilities in India and Salora's manufacturing unit provided us with the right opportunity. With enhanced capacity, we hope to become an important source of supply for Renfro Corporation." The agreement between Salora Shinsung Co and Renfro India was signed in early January 2004. Mr Sushil Jiwarajka, Managing Director of Salora Shinsung Textile Company, said, "We are in the process of consolidating our businesses and were planning to exit this non-core sector of socks manufacturing." Renfro India (a 50:50 joint venture Renfro Corporation and Karnik Group) plans to export more than 18 million pairs of socks per year and hopes to generate a turnover of Rs 40 crore in the current year.
More Stories on : Mergers & Acquisitions | Textiles
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