Financial Daily from THE HINDU group of publications
Friday, Jan 28, 2005
Financial Daily from THE HINDU group of publications Friday, Jan 28, 2005 |
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Corporate
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Mergers & Acquisitions Celebrity acquires Span Eicher Design for Rs 5 crore Our Bureau
Chennai , Jan. 27 CELEBRITY Fashions Ltd, apparel exporter to some of the big brands in the world and which owns the Indian Terrain menswear brand, has acquired Span Eicher Design from the Delhi-based Eicher group in a Rs 5 crore deal. Mr V. Rajagopal, MD, Celebrity, told Business Line, that the acquisition would immediately add a capacity of 75,000 units a month to Celebrity's present manufacturing base of 3.5 million pieces a year. He said that the garment unit, which has 400 machines, has been acquired as a going concern and the factory would continue with the 500 workers currently employed in the company. The factory is located on a 2.5 acre plot and with a built up area of only 25,000 sq ft is ideally suited for future expansion, he said. Mr Rajagopal said that the capacity acquisition would add Rs 30-35 crore to Celebrity's present topline of Rs 150 crore in the next financial year. Celebrity is gearing up its production to supply to global brands like J.C. Penney in the coming year. Recently, Bennett Coleman & Co acquired a 12 per cent stake in Celebrity. Mr Rajagopal said that the deal with the media group freed the ability of Celebrity to invest in expansion as well as invest in building the Indian Terrain brand. Currently the Celebrity group has nine manufacturing facilities in Chennai and expects to notch up a turnover of Rs 400 crore by 2007.
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