Hyderabad: Hyderabad-based socks and cotton products exporter, Filatex Fashions, on Monday announced a significant milestone with its subsidiary securing a substantial export order. Filatex Mines and Minerals Pvt Ltd has bagged a USD 35 million (approximately Rs 293 crore) contract to supply white marble to Bloomflora Ventures Ltd, a hospital development firm, for its upcoming 54 hospitals in Africa. Notably, this marks the company’s maiden export venture.
The seven-year supply contract is expected to generate revenue of approximately Rs 300 crore for the company.
In a separate development, Filatex Fashions has received shareholder approval for a 5:1 stock split. The decision, aimed at enhancing liquidity and broadening the shareholder base, was ratified at an extraordinary shareholders meeting on July 15. The company’s board had previously endorsed the stock split on June 7.
Furthermore, the company announced the appointment of Sunil Agarwal as an Additional Director and CEO in the Executive Director category. The appointment was approved by the Board of Directors on July 26.
