ACQUISITION NATIONAL
TAMIL NADU, INDIA
By IFAB MEDIA - NEWS BUREAU - July 28, 2023 | 80 3 minutes read
A press release from Eastman Exports said it will use the new investment for capital expenditure, strengthening backward integration and customer acquisition among others.
The Bharat Biotech Group has picked up 20 per cent in Tamil Nadu-based knitwear firm Eastman Exports Global Clothing Private Ltd, for an undisclosed amount.
A press release from Eastman Exports said it will use the new investment for capital expenditure, strengthening backward integration and customer acquisition among others.
The funds will also help the company expand its presence in the global apparel industry, especially at a time when other countries are facing a slowdown and to capture the overall "China Plus One Strategy" of divesting manufacturing away from a single country.
Managing Director of Bharat Biotech, Suchitra Ella said, "We are fully committed to the Make in India strategy across industries. 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. Our vision of supporting rural and semi-urban communities, especially women is addressed through this partnership, by supporting employment opportunities to around 10,000 women."
N. Chandran, Chairman of Eastman Exports, said the investment is a strong vote of confidence in their business. "We are thrilled to partner with Bharat Biotech Group. 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 US and our UK 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," he said.
The share purchase agreement between the two entities has been approved by the Competition Commission of India under the "green channel" route.
Eastman Exports is also keen on venturing into the Australian, Japanese, UAE and European markets, following the Government of India's Free Trade Agreements with them.
