Home / Knowledge / News / Textiles / Sutlej Textiles approves purchase of Birla Textile Mills
Sutlej Textiles approves purchase of Birla Textile Mills
16
Mar '15
The Board of Directors of Sutlej Textiles and Industries, the flagship company of KK Birla Group, has approved the purchase of Birla Textile Mills, a division of Chambal Fertilisers and Chemicals.
 
“The Board has approved the purchase of Birla Textile Mills located in Baddi, Himachal Pradesh, as a going concern from Chambal Fertilisers and Chemicals, on a slump sale basis,” Sutlej Textiles said in a filing to the Bombay Stock Exchange.
 
Section 2(42C) of Finance Act, 1999, defines ‘slump sale’ as the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales. Slump sale includes not only transfer of asset, but also transfer of liabilities or obligations.
 
However, the transaction is subject to requisite approvals, Sutlej Textiles said.
 
“The parties are currently negotiating and finalising the terms of the Business Purchase and Transfer Agreement and other related transaction documents, and shall sign these documents as soon as there is consensus,” the company added.
 
Birla Textile Mills produces around 9,600 metric tons of yarn annually, including synthetic, cotton blended and acrylic yarns, 40 per cent of which are exported to global markets, according to the company’s website.
 
Sutlej Textiles operates three units—Rajasthan Textile Mills, Chenab Textile Mills, and Damanganga Home Textiles located in Rajasthan, Jammu and Kashmir, and Gujarat respectively, and has a textile value-chain from yarns to home textiles. (RKS)
 

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search