Leading the country's third largest yarn spinning company Mukund Choudhary, Managing Director, Spentex Industries Ltd (part of CLC Group) has achieved unique distinction.
Besides increasing his group's spindle capacity from 205,000 to 360,000, he has successfully completed two acquisitions towards the end, February.
These two deals also proved a stimulant for Spentex to gain third position in Indian textile, next only to Vardhaman and Nahar Spinning.
During a short span from February 18 to 28, Spentex acquired controlling stakes in the Delhi-based Indo-Rama Textiles and the Kolhapur-based Amit Spinning Industries, at a consolidated value of about Rs145 crore.
Calling these moves as the tip of an iceberg, Choudhary foresees more such acquisitions from Russia and South America by end, this year.
After these acquisitions, Spentex aspires to become a Rs1,000-crore company.
However, the company also plans to expand the capacity of all the units that it has bought, Choudhary informs.
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