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HC nod to Pioneer Embroideries for merger
04 Dec '06
2 min read
With the Bombay High Court (HC) approving the amalgamation of Royal Embroideries Pvt Ltd and Grant Apparel Pvt Ltd into it, the Pioneer Embroideries Ltd, one of India's largest manufacturers and exporters of all types of embroideries and braided laces, is all set to become the market leader in the country.
The Pioneer Embroideries Ltd (PEL), which owns the reputed brands like Hakoba, Tulip Flower & Sweetpea, has been on an acquisition mode for some time. The latest merger of Royal Embroideries and Grant Apparel will prove to be a boon for the company as it will provide it the much-needed foothold in the South.
Commenting on the merger, Director of the company Mr Ajay Kumar Aggarwal said, "The merger of these companies will also provide further boost to the Pioneer Embroideries' expansion plans in the country.
Under its expansion plans, the company will take the number of Hakoba retail outlets from the present 48 to 200 in the country within a couple of years. The brand Hakoba enjoys a very high recognition amongst its target client group".
Hakoba Lifestyle, the retail subsidiary of Pioneer Embroideries, is one of the largest retail chains in the women apparels segment in the country having a network of 48 retail stores.
With the amalgamation of Bangalore-based Royal Embroideries into it, the Pioneer Embroideries will soon foray into the Southern garment exporters market with a bang. The amalgamation will also provide the company with an increased production capacity.
The Pioneer Embroideries Ltd (PEL), which owns the reputed brands like Hakoba, Tulip Flower & Sweetpea, has been on an acquisition mode for some time. The latest merger of Royal Embroideries and Grant Apparel will prove to be a boon for the company as it will provide it the much-needed foothold in the South.
Commenting on the merger, Director of the company Mr Ajay Kumar Aggarwal said, "The merger of these companies will also provide further boost to the Pioneer Embroideries' expansion plans in the country.
Under its expansion plans, the company will take the number of Hakoba retail outlets from the present 48 to 200 in the country within a couple of years. The brand Hakoba enjoys a very high recognition amongst its target client group".
Hakoba Lifestyle, the retail subsidiary of Pioneer Embroideries, is one of the largest retail chains in the women apparels segment in the country having a network of 48 retail stores.
With the amalgamation of Bangalore-based Royal Embroideries into it, the Pioneer Embroideries will soon foray into the Southern garment exporters market with a bang. The amalgamation will also provide the company with an increased production capacity.
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