Malwa Industries Limited (MIL), the Ludhiana-based
vertically integrated denim maker and part of the Rs540-crore
Malwa group, has acquired two denim making plants, one
in Jordan and the other in Italy.
has acquired 100 per cent ownership of Third Dimension
Apparels in Jordan, which has duty-free access to the
US and Europe; it manufactures denim garments for leading
other acquisition is majority ownership in Emmetre Tinto-lavanderie
Industriali S r l of Italy, which is involved in dyeing
and finishing of garments, including denim garments for
fashion labels in Europe.
to Rishi Oswal, CEO and MD, Malwa industries Limited,
"Our acquisition of Third Dimension, an entity that
has been servicing orders from leading denim brands has
given us a strategic foothold in a garment manufacturing
location with duty-free access to the US and European
markets. We also provide high end finishing services for
denim garments through Emmetre. We are catering to customers
in the United States, Europe, India and South Asia, and
the Middle East."
has a manufacturing capacity of 20-million meters of denim
fabrics and 8.5-million pieces of denim garments. It has
undertaken a and a complete vertical integration and expansion-cum-modernisation
drive at its fabric manufacturing plant in India to double
the fabric manufacturing capacity to 40 million metres.
To finance its expansion, MIL plans to approach the capital
with an IPO for 20 million shares of R10 at a premium
to be decided through a book building process, for which
it has filed draft Red Herring prospectus with SEBI.