India's Grasim Industries, CTIL set up JV for knits manufacturing

India's Grasim Industries recently incorporated a joint venture (JV) company, Birla Advanced Knits, for manufacturing man-made cellulose fibre knitted fabrics in partnership with Century Textiles and Industries (CTIL). Both will hold 50 per cent each of the new company and will have the right to nominate three directors each on the board of JV.

Both the companies informed the Bombay Stock Exchange about this development.

Grasim Industries produces viscose staple fibre, Chlor-alkali, linen and insulators. Through its subsidiaries, UltraTech Cement and Aditya Birla Capital, it is also India's largest cement producer and a leading diversified financial services player.

CTIL has interests in diverse industries, including cotton textile, pulp and paper and real estate.