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Blackstone with Gokaldas to build global leader in apparel industry

Aug '07
Gokaldas Exports Ltd and The Blackstone Group announced a partnership to work together to make Gokaldas a global leader in apparel industry. As part of this agreement, Blackstone would acquire a 50.1% stake in the company from the Promoters.

The founder promoters would continue to lead the Company with Mr. Madanlal Hinduja as the Chairman, Mr. Rajendra Hinduja as the Managing Director and Mr. Dinesh Hinduja as the Executive Director. Per SEBI regulations, this transaction triggers an open offer by Blackstone to the public shareholders of Gokaldas for an additional 20% of the Company's outstanding shares.

Subject to regulatory approvals, Blackstone would invest c. $165 million (including open offer) and have representation on the Board of Directors. Bangalore, India based Gokaldas Exports was incorporated in 1979 and today has c. 47,000 employees in 46 state-of-the-art manufacturing facilities with a system capacity to produce and export 2.5 million garments a month. Gokaldas produces highly customized apparel for leading US and European brands, with strengths in fashion and in-house design.

Commenting on the transaction, Mr. Rajendra Hinduja said, “With its global reach and deep relationships, Blackstone is an ideal partner to help us realize our vision of building a global industry leader.” Mr. Hinduja added, “Blackstone is a long-term partner and intends to work with us to deepen our customer relationships and accelerate our growth plan. With Blackstone's relationships across the world, our customer profile is likely to get a significant impetus. This is likely to take the company to a higher growth trajectory.”

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