
RSWM has announced signing a binding term sheet with Ginni Filaments Limited for proposed acquisition of its Spinning, Knitting and Processing Undertaking situated at Mathura on Slump Sale basis at an enterprise value of Rs. 160 crore.
This move is aimed at enhanced recoveries, productivities, and product diversity to cater to premium clients.
RSWM is one of the largest manufacturers and exporters of synthetic and blended spun yarns from India.
In a press release, RSWM said that this acquisition is expected to result in an increase in turnover, employee strength, and plant capacity thereby marking a pivotal moment for RSWM Limited and will establish them as market leaders.
B M Sharma, JMD, RSWM Limited said, “The acquisition broadens RSWM’s reach, making it a significant player in spinning and knit fabric sector by strengthening its production capacity. This may also lead to enhancement in yarn production capacity of RSWM. RSWM Limited has planned to make substantial investment in the modernisation of the acquired assets, introducing cutting-edge technologies such as the latest generation compact ring frames and advanced carding and comber machines including power infrastructure.”
Riju Jhunjhunwala, CMD and CEO of RSWM Limited said, “RSWM Limited is pleased to announce a significant move in the textile industry with its proposed acquisition of Spinning, Knitting and Processing units of Ginni Filaments Limited situated at, Chhata (UP). Going beyond Rajasthan, this expansion foresees a substantial increase in turnover. Targeting new customers globally, RSWM Limited aims to strengthen its position in spinning and knitted fabric sector. With a strategic investment in upgrading acquired assets, RSWM Limited focuses on operational efficiency and eco-friendly practices. This move enhances financial stability and anticipates improved earnings.”