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Itochu sells stake in Indo Rama Synthetics to promoters
Feb '14
Japanese general trading concern Itochu Corporation has sold its entire 3.5 percent stake in Indo Rama Synthetics to the promoters for around Rs. 80 million (US$ 1.25 million), reports vccircle.com.
Itochu’s deal to exit polyester manufacturer Indo Rama Synthetics was executed through bulk deals on the Bombay Stock Exchange (BSE).
As a result of the deal, the stake of the promoters in Indo Rama Synthetics has gone up to 67.6 percent from the earlier 64.13 percent.
Indo Rama Synthetics, a part of Indo Rama Group, has an integrated polyester textile manufacturing complex at Butibori near Nagpur in western Indian state of Maharashtra.
The company, which began commercial operations in 1989, offers a wide range of polyester products, including chips, fibre and yarn.
Besides India, the OP Lohia-led Indo Rama Group has presence in the US, Nepal, Sri Lanka and Southeast Asia.

Fibre2fashion News Desk - India

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