;
Home / Knowledge / News / Textiles / Bombay Dyeing plans to wind up Indonesian JV
Bombay Dyeing plans to wind up Indonesian JV
24
Jun '18
Bombay Dyeing plans to wind up Indonesian JV
Bombay Dyeing & Manufacturing Co Ltd plans to wind up its loss making joint venture PT Five Star Textile Indonesia. In a strategic move, the company is acquiring additional shares representing 52.11 per cent of the total paid up capital. This will increase the company’s shareholding from the current 33.89 per cent to 86 per cent, it said.

“The company has signed a term sheet to acquire additional 3409 shares (representing 52.11 per cent of total paid up capital) in its existing joint venture in Indonesia viz PT Five Star Textile Indonesia,” Bombay Dyeing said in a filing with the Bombay Stock Exchange.

“With this additional acquisition, the shareholding of the company in the joint venture will rise to 86 per cent from 33.89 per cent at present, thereby making it a subsidiary of the company. This is a strategic move to wind up the loss making joint venture in due course,” it added.

Five Star Textile was set up in 1979 in Bandung, Indonesia, for manufacturing and sale of yarn, fabric and other textile products. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

UK PM Theresa May/Courtesy: Gov.uk

Textiles | On 17th Jan 2019

British PM May survives no-confidence motion

British Prime Minister Theresa May survived a no-confidence motion on ...

Martin Brudermüller, Chairman of the Board of Executive Directors, BASF SE (right) and Gautam Adani, Chairman of the Adani Group signed an MoU ; Courtesy: BASF

Textiles | On 17th Jan 2019

BASF, Adani to evaluate investment in acrylics value chain

BASF and Adani Group have signed a memorandum of understanding (MoU)...

RIL sees 37.1% rise in revenue from petrochemicals

Textiles | On 17th Jan 2019

RIL sees 37.1% rise in revenue from petrochemicals

Reliance Industries Limited (RIL) has witnessed 37.1 per cent...

Interviews View All

Yash Agarwal, Hitansh Online

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Deepak Jain, Baggout

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Top executives, Textile industry

Top executives
Textile industry

It will take some time for the people to change their buying choices

Manuele Baggini,

Manuele Baggini

Comec Italia Srl is a world leader in the production of printing machines. ...

C Dhandayuthapani,

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Farheen B Rahman & Priti Jain,

Farheen B Rahman & Priti Jain

Founded by business-designer duo <b>Priti Jain and Farheen Rahman</b>,...

Johan Berlin, Investkonsult Sweden AB

Johan Berlin
Investkonsult Sweden AB

Investkonsult Sweden AB are consultants in the nonwoven and absorbent...

Davide Vigano, Sensoria

Davide Vigano
Sensoria

Sensoria is a leading developer of smart garments and IoMe (Internet of...

Kerem Durdag, Biovation II LLC

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Rajesh Pratap Singh, Rajesh Pratap Singh

Rajesh Pratap Singh
Rajesh Pratap Singh

<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel to...

Sidharth Sinha, Sidharth Sinha

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Wendell Rodricks, Wendell Rodricks

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


January 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search