Sutlej Textiles: US foray keenly watched

Sutlej Textiles and Industries will acquire American Silk Mills LLC along with its logo, archives, designs, customer contracts and some specific assets. To acquire the firm, the company’s board on Tuesday approved an investment of $5 million (about ₹32.50 crore) to incorporate a wholly owned subsidiary in the US. The company had reported a profit of ₹23.58 crore on revenues of ₹651.99 crore. Investors and analysts will keenly watch the development.