Ahmedabad-based Globe Textiles (India) Ltd., a leading company exporting fabrics and garments catering to global as well as domestic markets, is in the process of acquiring a unit of Vivaa Tradecom Pvt. Ltd. (VTPL), thereby enhancing its garment capacity and in-house processing capacity.
VTPL had a total turnover of Rs. 145.90 crore for the year that ended on 31 March 2021.
Globe is acquiring VTPL as a part of its expansion plans. Following acquisition, Globe will enhance its garment capacity and in-house processing capacity.
The indicative time period for the completion of the acquisition is up to 3 months.
Globe Textiles also announced the reappointment of its independent Directors Yogesh Kanhiyalal Vaidya and Bharat Shamjibhai Patel.
As per the annual report of Globe Textiles, it generated revenue of Rs. 259 crore in the year that ended March 2021.
The company offers a wide range of textiles and apparel, and boasts of a vast product portfolio consisting of man-made and natural fibre fabrics, accessories and readymade garments.
