Indo Count Industries has entered into a Business Transfer Agreement (BTA) with GHCL for acquisition of its Home Textile business at Vapi, Gujarat, on a going concern basis by way of a slump sale and Asset Transfer Agreement (ATA) for acquisition of specified assets of the US subsidiary of GHCL.
In order to meet the growing demand and capture the business opportunities, the Company’s Board approved a BTA with GHCL for the aforesaid acquisition which has a fully operational manufacturing facility of 45 million meters annually located at Vapi, Gujarat. The facility also has sufficient land to double the capacity in the future. The cost of acquisition is Rs 576 crore.
Indo Count Industries is engaged in the manufacturing of 100% grey combed cotton yarn and knitted fabric. Its product range includes Cotton yarn, Knitted fabrics and Dyed yarn and core-spun yarn.
