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A&E to increase stake in Indian JV VYTL to 89%
31
Aug '16
Courtesy: A&E
Courtesy: A&E
American & Efird Global (A&E) will acquire additional 40 per cent of share capital in Vardhman Yarns and Threads (VYTL) from its JV  partner Vardhman Textiles, raising its stake in the JV to 89 per cent. A&E has received the nod for buying the additional stake from India’s Competition Commission. This transaction makes A&E the majority shareholder in VYTL.

VYTL manufactures sewing and other specialty threads, in which A&E earlier held a 49 per cent stake, while the rest was with Vardhman Textiles.

According to media reports, this transaction makes A&E the majority shareholder in VYTL, while Vardhman will now hold a minority stake.

The Competition Commission noted that the proposed combination will not have an appreciable adverse effect on competition in India, since both VYTL and Gutermann India (GI), a wholly-owned subsidiary of A&E, have insignificant market shares in the apparel, automotive and specialty threads segments. (AR)

Fibre2Fashion News Desk – India


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