RSWM Ltd., a leading manufacturer and exporter of synthetic yarns and fabrics from India, has announced the signing of a binding term sheet with Ginni Filaments Limited for the proposed acquisition of its Spinning, Knitting, and Processing Undertaking at Mathura. The acquisition, valued at INR 160 crores, is expected to be completed within ninety days, subject to necessary approvals and execution of definitive documents.
With this strategic move, RSWM Ltd. aims to expand its presence in the textile industry and position itself as a market leader. The acquisition is expected to boost turnover, employee strength, and plant capacity for RSWM Ltd. Moreover, this expansion marks an important milestone in the company’s growth trajectory.
Riju Jhunjhunwala, Chairman & Managing Director, and CEO of RSWM Ltd. expressed delight over the acquisition, emphasizing that it will strengthen the company’s position in the spinning and knitted fabric sector. He also highlighted the company’s focus on operational efficiency and eco-friendly practices.
Meanwhile, Ginni Filaments, looking to improve its financial position, intends to concentrate on technical textiles where it already holds a leadership position. The transfer of its spinning, knitting, and processing undertaking would allow Ginni Filaments to focus on emerging segments and explore exciting opportunities in the future.
Details of the acquisition process indicate that it is expected to be completed within three months. Both RSWM Ltd. and Ginni Filaments expressed gratitude to their stakeholders for their support and trust and look forward to shared success in the future.
RSWM Ltd., a part of the LNJ Bhilwara Group, has been producing high-quality yarns and fabrics for over five decades and is recognized for its global reach and renowned clientele. The LNJ Bhilwara Group, with diversified interests in various industries, is one of India’s largest setups and is known for its strategic vision and commitment to excellence.
