The cash strapped promoters of S Kumars Nationwide are reportedly planning to offload controlling stake in Reid & Taylor and deleverage the balance sheet. This move comes after several unsuccessful attempts to list the Reid & Taylor India business through an Rs 1,000 crore IPO.
The company has been suffering from its own set of problems which got compounded by the high debt piled up in its US arm HMX Acquisition Corp.
S Kumars Nationwide is one of India’s leading textile and Apparel Company with expertise in multi-fiber manufacturing. The company has extended its presence in multiple product categories from Fabrics to Apparels and Home Textiles.
