US billionaire invests $37 mn in India
US billionaire investor Wilbur Ross agreed to buy OCM India Ltd, a bankrupt textiles maker, for $37 mn.
By Agencies |
NEW YORK: US billionaire investor Wilbur Ross agreed to buy OCM India Ltd, a bankrupt textiles maker, for $37 million in his first investment in the world's second fastest - growing major economy after China.
The purchase was funded by Ross' $300 million India Asset Recovery Fund, with investment from WLR Recovery Fund III and Housing Development Finance Corp, India's biggest home-mortgage lender, WL Ross and Co, the investor's New York- based buyout firm, said on Wednesday.
The buyout will add sales in India at his textile company, International Textile Group, which has investments in the US, Mexico, Latin America, China and Vietnam.
Indian textile makers are expanding capacity to meet increasing demand from companies such as Wal-Mart Stores and JC Penney Co.
Ross was dubbed the "Bankruptcy King" by Fortune magazine in 1998 for investing in industries others had shunned. Last month, Ross acquired two auto-parts producers for $305 million as part of a plan to form three publicly held companies that will offer plastics, metal parts and safety components to carmakers worldwide.
Ross bought small steelmakers to build International Steel Group, then sold the company to Mittal Steel in April 2005 for $4.5 billion.
The purchase was funded by Ross' $300 million India Asset Recovery Fund, with investment from WLR Recovery Fund III and Housing Development Finance Corp, India's biggest home-mortgage lender, WL Ross and Co, the investor's New York- based buyout firm, said on Wednesday.
The buyout will add sales in India at his textile company, International Textile Group, which has investments in the US, Mexico, Latin America, China and Vietnam.
Indian textile makers are expanding capacity to meet increasing demand from companies such as Wal-Mart Stores and JC Penney Co.
Ross was dubbed the "Bankruptcy King" by Fortune magazine in 1998 for investing in industries others had shunned. Last month, Ross acquired two auto-parts producers for $305 million as part of a plan to form three publicly held companies that will offer plastics, metal parts and safety components to carmakers worldwide.
Ross bought small steelmakers to build International Steel Group, then sold the company to Mittal Steel in April 2005 for $4.5 billion.
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