Ambeon Holdings PLC remains acquisitive following the sale of its subsidiary, South Asia Textiles Limited, to Hayleys Fabric PLC in April this year in a deal valued at slightly less than Rs.4 billion, as the diversified group seeks to consolidate its key business interests, which include technology, financial services, and porcelain product manufacturing.
Ambeon Holdings Chairman Sanjeev Gardiner described the divestment as a “well-considered choice” that was carried out with the purpose of focusing “more on its core businesses originating primarily from the technology, financial services, and manufacturing cluster of porous materials.”
Ambeon Holdings, which held 97.67 percent stake in South Asia Textiles Limited, shed its entire stake to Hayleys Fabric PLC for a consideration of Rs.3.79 billion. The sale boosted the group’s earnings for the quarter ended in June 2021 to Rs.5.65 a share or Rs.2.02 billion compared to a loss of 37 cents a share. The group’s financial services arm, Taprobane Capital Plus (Pvt) Limited, did well through June 2021 from the financial year ended in March 2021, led by its stockbroking arm. In a recent development, the group’s property arm, Colombo City Holdings PLC, disposed of a 47.2-perch land plot together with the building owned by the company to Vision Care Optical Services for Rs.575 million on August 3.
Bhopal: Textile industry on the mend; Christmas season could help
The next holiday season will be a watershed moment for the state’s SMEs. According to a recent Investment Information and Credit Rating Agency (ICRA) research, textile exporters will see a 20 to 25% increase in business during the current fiscal year. The garment and textile sectors account for the state’s second largest segment of MSMEs.
There are more than 60 registered cotton or artificial fibre textile mills in the state with installed capacity of 24.6 lakh spindles. Major centres of textile industry in MP are Indore, Bhopal, Ujjain, Dhar, Dewas, Khargone, Khandwa, Burhanpur, Gwalior, Chhindwara and Jabalpur. The government on Wednesday approved the Production-Linked Incentive (PLI) scheme for man-made fibre-based apparel and 10 segments of technical textiles.
Textile manufacturers in India’s Chhindwara region say the government’s initiatives like RoSCTL, RoDTEP and PLI scheme will help MSMEs do better during the festive season. “Festive season gains will nowhere be close to what we lost but it will help regain some confidence,” one sales executive of Madhu Textile Agency said. If there is a third wave, however, it would definitely hit the confidence but we are better prepared this time, she said.