India's Gokaldas Exports to acquire Atraco for $55 mn

The acquisition will encompass both shares and assets and is slated to receive customary regulatory approvals. The deal is expected to be finalised in the third quarter of the fiscal 2024, between October and December 2023, Gokaldas Exports said in a press release.

Atraco's product line spans a variety of age groups and includes shorts, pants, shirts, T-shirts, blouses, and dresses.

“We are very excited to welcome Atraco’s admirable leadership team, their employees and their global customers to GEL. We have always believed in continuously adding production capacity at strategic locations enhancing our value proposition to customers. The acquisition of Atraco is an important step in this direction as it is strategically relevant, possesses a good complementary customer base, operationally strong, and above all, a leader in its own sphere. With this acquisition, we will gain access to low-cost duty-free locations for manufacturing. Together, we can deliver a wider choice and value proposition to our global customers. We look forward to welcoming over 13,000 new members into the GEL family,” said Sivaramakrishnan Ganapathi, vice chairman and managing director of Gokaldas Export Limited.

Fibre2Fashion News Desk (DP)