Sutlej Textiles & Industries has received an approval to acquire Birla Textile Mills, a unit/division of Chambal Fertilisers & Chemicals, located at Baddi in state of Himachal Pradesh, as a going concern from Chambal Fertilisers & Chemicals, on slump sale basis. The board of directors at their meeting held on March 14, 2015 has approved for the same.
The aforesaid transaction is subject to requisite approvals as may be required. The parties are currently negotiating and finalizing the terms of the Business Purchase and Transfer Agreement and the other related transaction documents, and shall sign these documents as soon as there is consensus.
Sutlej Textiles and Industries has 260,872 spindles for spinning yarn, six million metres a year for apparel fabrics, 1.6 million trousers a year and 3 million metres a year for home textiles fabric. It has plants in Jammu and Kashmir, Rajasthan and Gujarat.