In a recent development, Bannari Amman Spinning Mills Ltd (BASML) has confirmed that SP Apparels Ltd has shown keen interest in acquiring BASML's textile subsidiary, including a garment factory and Perundurai lands. The potential acquisition is part of BASML's strategic move to reduce its borrowings by utilizing the funds generated from the sale.

BASML announced, "The company's board, at its meeting on Saturday, has taken in principle the proposals for transfer/disinvestment/sale of the company’s equity shareholding in the subsidiary and joint venture company Young Brand Apparel Private Ltd, sale of its garment unit located at Palladam Hi-Tech Weaving Park, Palladam, Tamil Nadu, and sale of 6.43 acres of land with a building situated at site no. R-44, SIPCOT, Perundurai, owned by the company."

Negotiations for the proposed transactions are being led by SV Arumugam, Managing Director of BASML. The finalization of the transaction is contingent upon obtaining necessary statutory, regulatory, and other approvals.

• SP Apparels Ltd's Acquisition Plans:

• SP Apparels Ltd's board has approved proposals to acquire Young Brand Apparels Pvt Ltd (YBAPL), Palladam Garment units, and 6.43 acres of land in Perundurai.
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• YBAPL is a manufacturing and export company, a strategic partner for brands in the intimate wear market segment. It operates as a joint venture between Jacob Industries (USA) LLC, Intimark of Mexico, and Bannari Amman Spinning Mills.
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• SP Apparels anticipates that acquiring YBAPL will enhance synergies between the two companies in terms of customer base, providing substantial support to its core business.

Both transactions are subject to the completion of necessary approvals, paving the way for potential collaborations and strengthening the positioning of the involved entities in the textile and apparel industry.