Bombay Dyeing & Manufacturing Company has signed a term sheet to acquire additional 3409 shares (representing 52.11% of total paid up capital) in its existing Joint Venture (JV) in Indonesia viz. PT. Five Star Textile Indonesia.
With this additional acquisition, the shareholding of the company in the Joint Venture will rise to 86% from 33.89% at present, thereby making it a subsidiary of the company. This is a strategic move to wind up the loss making Joint Venture in due course.
Bombay Dyeing & Manufacturing Company is a holding company that is engaged in finishing of cotton and blended cotton textiles; manufacturing of bedding, quilts, pillows and sleeping bags; real estate activities, and manufacturing of polyester Staple Fiber (PSF).
