The board of directors of Vardhman Textiles Limited, at its meeting held on August 13, 2019, considered and approved the scheme of arrangement amongst VMT Spinning Company Limited, VTL Investments Limited, Vardhman Nisshinbo Garments Company Limited, Vardhman Acrylics Limited with Vardhman Textiles Limited.
Vardhman Textiles Limited (VTL) is a listed company engaged in the business of manufacturing cotton yarn, synthetic yarn, and woven fabrics. The group is sixty years old started with 6000 spindles to manufacture yarns. Every decade it went into diversification, expansion and joint ventures. As on date, it is one of the largest vertically integrated textiles group in India manufacturing fiber, yarn, sewing threads, fabrics and garments (mainly shirts). Because of multiple takeovers, joint ventures, and corporate restructuring, it has multiple companies operating in similar or complementary businesses.
VMT Spinning Company Limited (VSL) is a wholly-owned subsidiary of VTL. The company is engaged in the business of manufacturing cotton and blended yarn.
Vardhman Acrylics Limited (VAL) is a listed company, listed on the National Stock Exchange of India Limited. VAL is engaged in the business of manufacturing acrylic fiber. The company has set up an 18000 TPA acrylic staple fiber and tow production plant at Jhagadia, Gujarat, India.
This story is from the November 2019 edition of M & A Critique.
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This story is from the November 2019 edition of M & A Critique.
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