Knitwear exporter Eastman Exports Global Clothing has partnered Bharat Biotech Group’s funding arm for about 20% stake sale.
A press launch mentioned the share buy settlement between the 2 corporations has been authorized by the Competition Commission of India beneath the “green channel” route. The deal has now been executed with each groups working in a partnership mannequin to develop the enterprise.
Eastman Exports will use the funds for capital expenditure, strengthening backward integration, and buyer acquisition.
The funds may even be used to extend its world presence. N. Chandran, chairman of the corporate, mentioned, “The funds will be used in strengthening our capacities and backward integration besides reaching out to newer markets. We have already set up an office in the U.S. and our U.K. office is expected to open soon. With India signing a Free Trade Agreement with the UAE, we will look at foraying into West Asia as well.” The firm can also be eager on venturing into the Australia, Japan, UAE and the European markets.
Suchitra Ella, Managing Director of Bharat Biotech mentioned, “India is one of the few vertically integrated countries in cotton-based apparels, our vision is to grow this industry and support manufacturing from India to the world.”
