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Bombay Rayon buys garment business of Leela

Jul '07
Bombay Rayon Fashions Limited (BRFL) to acquire Garment Business of Leela Scottish Lace Pvt Ltd (Leela) as per the agreement finalized with them.

Leela is a leading manufacturer and exporter of readymade garments. Leela has 18 units under its fold spread over four locations namely Bangalore, Chennai, Kochi and Thruvananthapuram employing over 16014 persons comprising of workmen, staff and management personnel.

Leela enjoys excellent reputation with their overseas customers whose list is exhaustive spread all over the globe. Leela has reported combined turnover of Rs. 402 crores as at 31st March, 2006 with a PAT of Rs. 16 crores and with the dismantling of quota restrictions it is poised to significantly increase the turnover and profits over the years.

BRFL has incorporated a wholly – owned subsidiary by the name 'Bombay Rayon Apparels Private Limited' (BRAL):

It is proposed to acquire the Garment Business of Leela by BRAL at a total consideration of Rs. 155 crores which shall include:

• Some of the specified immovable properties situate at Bangalore & Chennai owned by Leela;
• All movable properties viz plant, Machineries and equipments at its different manufacturing facilities and offices;
• Total employees on roll on the effective date for Garment business;
• Benefits of all customer codes, connections, pending transactions, arrangements, orders etc;
• All licenses, permissions, approvals, registrations etc., for the business;

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