Cotton yarn maker Spentex & Uzbek State Joint Stock Co sign MOU
04 May '06
1 min read
Leading cotton yarn maker and a Government recognised export house, Spentex Industries Ltd (SIL), has entered in to an Memorandum of Understanding with State Joint Stock Company of Uzbekistan.
Under the MOU, Spentex plans to take up a few factories there including those operating in their core area like cotton spinning, said reliable sources.
No time schedule has been announced but acquisitions are likely to take place in "near future."
Spentex is to take over control of two spinning units of Indo Rama Group companies and its open offer acceptance is expected by May 6, 2006.
Company sources further reveal that takeover formalities will be completed by May 15 for those units.
As per reliable information, spindleage at their Baramati unit will go up to 36,000, which will produce value added cotton yarn, starting July.
It is a CLC Enterprises company which is an upcoming business house based in the capital of India, New Delhi. CLC Enterprises is closely associated of more than 55 years with textile industry.
marketing@alchempro.com
