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Nakoda announces acquisition in South Korea
03 Jul '10
1 min read
A leading fully drawn yarn (FDY) maker, 'Nakoda Textile' has acquired South Korea-based polyester yarn making unit. Along with acquisition cost, it will invest around $40 million i.e. Rs 1.85 billion in the plant at Kyunghan in South Korea, said the Chairman and Managing Director of the company, BG Jain.
He further added that, the company has got access to new geographies through this acquisition. Only plant and machinery has been purchased, while land and buildings are leased out, he said. Finances for the acquisition will be done through internal accruals and debt.
The plant is positioned in South Korean industrial hub of synthetic fibre manufacturing, linked with Seoul and Busan, a third-busiest port in the world. The plant of 'Nakoda Textile' in India is situated at Surat in the state of Gujarat.
He further added that, the company has got access to new geographies through this acquisition. Only plant and machinery has been purchased, while land and buildings are leased out, he said. Finances for the acquisition will be done through internal accruals and debt.
The plant is positioned in South Korean industrial hub of synthetic fibre manufacturing, linked with Seoul and Busan, a third-busiest port in the world. The plant of 'Nakoda Textile' in India is situated at Surat in the state of Gujarat.
Fibre2Fashion News Desk - India
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