Filatex India has invested Rs 20 crore in its wholly owned subsidiary -- Ecosis. The investment was made through acquisition of additional 2,00,00,000 equity shares of face value of Rs 1 each at a price of Rs 10 each of Ecosis. Post this investment, the company’s investment in Ecosis has increased to around Rs 85 crore.
The funds will be primarily used to finance the ongoing Polyester Textiles Recycling Project, repayment of existing loan taken from the company and working capital requirements.
Filatex India is engaged in manufacturing Monofilament Yarns for Zippers, Tooth Brush Bristles, Velcro, Magic Fasteners and Forming Fabrics in India.
