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Sutlej gets CCI nod for Birla Textile acquisition
15
Jun '15
Sutlej Textiles and Industries, the flagship company of KK Birla Group, has received approval from the Competition Commission of India (CCI) for purchase of Birla Textile Mills, the textile division of Chambal Fertilisers and Chemicals Ltd., located at Baddi in Himachal Pradesh.
 
In a filing to the BSE, Sutlej Textiles said, “The Competition Commission of India has communicated to us their approval of the Proposed Combination.”
 
In March this year, the Board of Directors of Sutlej Textiles had approved the purchase of Birla Textile Mills, which works out to Rs 232 crore, including net current assets.
 
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

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