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OWM intends to separate Monte Carlo brand
18
Feb '11
Oswal Woollen Mills (OWM), a major textile producing firm from India intends to hive off its 17-year old brand Monte Carlo and establish it as a separate firm.

OWM, a division of the Nahar Group of Punjab, has urged the Punjab and Haryana High Court to grant its sanction for the demerger.

OWM intends to name the new company as Monte Carlo Fashions Ltd. This new company would help the Group to earn a better diffusion for the brand across the country.

Monte Carlo's total turnover for the last financial year stood at two billion rupees, while this year it is likely to attain a turnover of Rs 2.5 billion.

Post demerger, the OWM would own the spinning, denim and yarn business, while Monte Carlo would own and take care of the garment production unit and its retail trade with more than 100 exclusive outlets.

Fibre2fashion News Desk - India

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