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Bangalore, July 5 Bangalore-based Indus Fila Ltd has acquired a 51 per cent stake in another Indus Garments (India) Pvt Ltd for a consideration of Rs 9.35 crore. Indus Garments is also a Bangalore-based company.

Mr Vivek Kumar, Managing Director of Indus Garment (India) Pvt Ltd, said: “Looking at the current market and the business trend, we decided to join hands with Indus Fila which is a fully integrated textile apparel company.

This move will give both the companies a competitive edge and synergy of each others experiences and relationships in the market place.” Mr Nitin Mandhana, Vice-Chairman and Managing Director of Indus Fila Ltd, said the acquisition would help create “better management bandwidth.”

Indus Fila, a part of Indus Mandhana enterprise, closed the last year financial with a turnover Rs 273.64 crore.

Indus Garments has been in the textile business for over eight decades and its products are exported to American and European customers. The turnover of the company for financial year 07 was Rs 89.9 crore.

The installed capacity of the company is 3.60 million garments per annum.

More Stories on : Mergers & Acquisitions | Readymade Garments

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