Mumbai: Renfro India Private Limited, an Indian Joint Venture of Renfro Corporation USA, has announced its acquisition of Salora Shinsung Textile Company, a 100% Export Oriented socks manufacturing unit, located at Nashik.
With the acquisition of this 172 machine unit, the manufacturing capacity of Renfro India has more than doubled to 300 knitting machines, making it the largest manufacturer of socks in India.
The acquisition is in line with the company''s plans to increase its manufacturing capacity to cater to the increasing demand of the US and European markets. The company has also enhanced its capacity at its state-of-the-art manufacturing facility at Sanaswadi near Pune. Renfro India, currently a 100 per cent EOU, will thus become an increasingly important sourcing centre for Renfro Corporation globally.
C.Y. Pal, chairman, Renfro India says, " With high quality and technological expertise, India has emerged as a major outsourcing hub for Renfro and we are very happy to meet with the increasing demands entrusted upon us. We have been looking at setting up manufacturing facilities in India and Salora''s manufacturing unit provided us with the right opportunity. With enhanced capacity, we hope to become an important source of supply for Renfro Corporation."
The agreement between Salora Shinsung Co and Renfro India was signed in early January 2004. Sushil Jiwarajka, Managing Director of Salora Shinsung Textile Company, said, "We are in the process of consolidating our businesses and were planning to exit this non-core sector socks manufacturing business. We are very pleased at having concluded the deal with a leading player like Renfro India."