TIL buys 76pc stake each in Bachi Shoes, Euro Shoe

NEW DELHI: Tata International ( TIL) today announced acquiring 76 per cent stake each in Chennai-based firms Bachi Shoes India Pvt Ltd ( BSIPL) and Euro Shoe Components Pvt Ltd.

However, the financial details were not disclosed by the company.

"These acquisitions will augment TIL's presence in the manufacture and export of footwear and take capacity to over five million pairs per year," TIL said in a statement.

At present, TIL has a capacity of around three million pairs a year.

"The Bachi family will continue to hold the residual stake in Bachi Shoes India Private Limited."

BSIPL supplies children's footwear to several international brands across Europe while ESCPL is a manufacturer of footwear soles.

TIL is the global trading arm of the Tata Group and India's leading leather and leather products exporter.