Trent Ltd. of the Tata Group established Trent MAS Fashion Private Ltd. as a joint venture with MAS Amity Pte Ltd. of Singapore.
With a financial consideration of an initial capital of Rs. 1 crore, the company has been established as a 50:50 joint venture for sourcing and manufacturing lingerie, sportswear, and related products in India.
Trent and MAS Amity have each invested equally in 5 lakh equity shares of the new company, each with a face value of Rs. 10, for a combined sum of Rs. 50 lakh.
According to information provided by Trent MAS Fashion, the joint venture company has a share capital authorised of Rs. 1 crore, which is divided into 10 lakh equity shares of the business, each of which is worth Rs. 1.
Trent and MAS are working together to strengthen Trent’s ability to offer fully owned brands in its retail locations and to support MAS’s international expansion.
Due to a low base from the prior year and ongoing network expansion, Trent saw an increase in net profit and operating revenue for the three months that ended on 31st March 2023.
In the March quarter, the Tata Group’s flagship retail division reported a net profit of Rs. 45.01 crore, up from Rs. 20.87 crore in the corresponding period last year.