Indus Fila eyes buyouts down South

NEW DELHI: After buying the fabric division of Sai Industries, Bangalore-based textile company Indus Fila is now eyeing more acquisitions. The company, engaged in fabric weaving and apparel manufacturing, is in talks with three leading textile firms in Bangalore.

While refusing to divulge the names of the target companies, Indus Fila vice chairman and MD Nitin Mandhana said, “The deal size for each company will be over Rs 100 crore”.

The proposed acquisitions are part of the company’s overall expansion plan. The firm is also in talks with the Andhra Pradesh government to acquire land to set up an integrated textile plant in the state.

The project is expected to cost about Rs 150 crore. “We are talking to the Andhra Pradesh government to finalise the proposal,” Mr Mandhana said. “The first phase of the project will be completed by the end of next year,” Mr Mandhana added.