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American & Efird acquires additional 14% stake in VYTL

08
Oct '08
Vardhman Textiles Ltd (VTXL) has transferred its threads business to one of its subsidiary companies, Vardhman Yarns and Threads Ltd (VYTL), through a Scheme of Arrangement, Re-organisation and Demerger as sanctioned by the Hon'ble Punjab and Haryana High Court, with effect from April 01, 2008.

The holding of VTXL in VYTL as on the said date was more than 98 percent. The threads business of the subsidiary company, viz. VYTL, comprises of four manufacturing units located at Hoshiarpur and Ludhiana (Punjab), Penrndurai (Tamil Nadu) and Baddi (Himachal Pradesh).

According to Mr. Sachit Jain, Executive Director, VTML, the Company entered into a joint ventuer in VYTL with M/s. American & Efird Inc (A&E), one of the world's largest global manufacturers and distribution of industrial sewing threads, embroidery threads and technical textiles, with A&E's initial holding of 35 percent.

Recently, A&E has acquired the additional 14 percent equity shares of the joint venture company, VYTL, from Vardhman Textiles Limited and thus holds 49 percent equity shares.

The joint venture Company, however, continues to be a subsidiary of Vardhman Textiles Limited, whose shareholding is now 51 percent.

Vardhman Textiles Ltd


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