SKNL plans to enter the international market thru acquisitions
17 Jun '08
2 min read
S.Kumars Nationwide Ltd (SKNL) has informed that the Board of Directors of the Company at its meeting held on June 16, 2008, has discussed the growth plans of the Company.
SKNL has been focusing on domestic sales which have resulted in strong recognition of its Brands and also helped the Company to build substantial market share.
As part of the growth strategies, SKNL will not only continue to have a strong focus on the domestic markets, but will also look at growth in international markets through acquisitions.
There are potential acquisition opportunities in Europe and North America which are currently being examined by the Company.
It has decided to pursue potential targets that would result in strong front - end / back - end synergy for the Company and where Companies operate in fashion and design led activities as opposed to low cost commodity business.
These would result in strong business opportunities for SKNL's Garment, Home Textile and High Value Fine Cotton Divisions.
One of the key steps to accomplish the acquisitions would be for setting up a holding and acquisition vehicle, SKNL International.
It has been decided that the Company be established and domiciled in Netherlands as it is a tax efficient jurisdiction.
The Board accordingly authorised the Company to begin formalities and procedures to pass resolution through postal ballot for the proposed investment in terms of Section 372 A.
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