Birla VXL Ltd, the flagship venture of SK Birla group, announced company plans to boost its readymade garment business in the export and local markets.
The company will borrow Rs 30 crore from the market for the expansion programme, which is further reinforce its retail brand image and step up readymade garments output and increase exports market share.
Earlier, the company sold menswear line 'Jack Barclay'; but failed to appeal the masses unlike its mainstay fabric brands, OCM and Digjam.
Birla VXL's product range consist covered woollen fabrics, worsted yarn and ready made garments.
A separate entity named 'OCM India Ltd (OIL)' would be formed for its OCM division that will enable it to repay a portion of its debt.
Sources said SK Birla group will raise Rs 30 crore, mainly through equity route issuing fresh shares after the restructuring.
A new clothing range of jackets in the readymade segment will be added to complement the existing range of shirts and trousers.
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