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German investment firm DFI to buy stake in denim maker Aarvee

22
Jun '05
DEG's (Deutsche Investitions Und Entwicklungsgesellschaft mbH), a German development financial institution, is acquiring a 14.99 percent stake in the Ahmedabad based Aarvee Denim and Exports Ltd.

According to a press release, DEG's decision in acquiring a stake in Aarvee comes in the wake of the Aarvee's impressive fiscal performance which posted a 44 percent increase in turnover for the FY ended March 31 totaling to Rs. 232.71 crore.

Under its expansion and diversification plans, Aarvee will add another 14 million metres of denim fabric production capacity to its existing 33 million metres per year.


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