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SP Apparels picks 60% stake in Crocodile India

27
May '06
SP Apparels, a knitwear maker of Coimbatore, has picked up 60.14 percent stake in Crocodile Products (CPPL), the Indian arm of Crocodile International Pvt Ltd (CIPL) from Shivrams Associates (SAPL).

Acquisition for expansion would involve an outlay of Rs25 crore, which will be financed through internal accruals, S P Apparels stated.

CIPL, has global retail presence of over 1000 stores across Asia. Its Indian arm Crocodile India, is present in 56 retail outlets and plans increasing it to 150 in coming 18 months along with 30 self-owned stores by 2008.

"Both companies stand to gain through this merger as our company exporting to customers like Marks and Spencer, Tesco and Mother care, would contribute in manufacturing expertise, whereas CPPL would help us out with their distributors, wholesalers and retailers network," said P Sundar Rajan, Managing Director, SP Apparels.

The merger entails SP Apparels using 10 percent of its capacity to manufacture 1,50,000 garment pieces per day, for Crocodile's product line.

CIPL may later outsource part of its manufacturing work to SP Apparels, Rajan added.

Crocodile International (CIPL) has undertaken to recreate its global brand image by repositioning its product, and increasing its retail presence through ownership change.

Crocodile India expects revenue growth of Rs100 crore from the present Rs10 crore by 2010 backed by an annual media plan budgeted at Rs4 crore.

Speaking on the occasion, Ang Boon Tian, CEO of CIPL viewed that India is now being considered as fast growing market in coming years.


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