Spentex acquires Uzbek-based company
Textile company Spentex Industries Ltd has acquired the business of Tashkent-To'yetpa Tekftil Ltd, an Uzbekistan government spinning company, for a consideration of $81 million (nearly Rs 380 crore).
By PTI |
NEW DELHI: Textile company Spentex Industries Ltd has acquired the business of Tashkent-To'yetpa Tekftil Ltd, an Uzbekistan government spinning company, for a consideration of $81 million (nearly Rs 380 crore).
The government of Uzbekistan has given Spentex a number of incentives including 50 per cent discount on raw cotton, exemption on corporate taxes, customs duty and VAT.
TT has a combined capacity of 2.2 lakh spindles and 236 jet airlooms, which would make Spentex India's largest spinning enterprise with an installed capacity of over 5.7 lakh spindles.
The acquisition consideration of $81 mn would be payable over a period of four years.
The government of Uzbekistan has given Spentex a number of incentives including 50 per cent discount on raw cotton, exemption on corporate taxes, customs duty and VAT.
TT has a combined capacity of 2.2 lakh spindles and 236 jet airlooms, which would make Spentex India's largest spinning enterprise with an installed capacity of over 5.7 lakh spindles.
The acquisition consideration of $81 mn would be payable over a period of four years.
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