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

Bangladesh panel to revise minimum wage for garment workers

Apparel/Garments | On 16th Jan 2018

Bangladesh panel to revise minimum wage for garment workers

The Bangladesh labour and employment ministry recently formed a panel ...

30th rank for India in WEF global manufacturing index

Textiles | On 16th Jan 2018

30th rank for India in WEF global manufacturing index

India has been ranked 30th on a global manufacturing index by the...

Patanjali items now available on e-commerce giants

Apparel/Garments | On 16th Jan 2018

Patanjali items now available on e-commerce giants

The products of Patanjali Ayurved Limited will now be available on...

Interviews View All

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

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

January 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.8%
No
13.5%
Skip
17.7%

Total Votes: 96

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.5%
No
29.2%
Skip
7.3%

Total Votes: 96

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.5%
No
9.4%
Skip
3.1%

Total Votes: 96

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.3%
No
8.3%
Skip
9.4%

Total Votes: 96


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search