Following the likes of GHCL, textile group SKNL (erstwhile S Kumars), is planning to acquire a UK-based shirting fabric company for anywhere between 50 million and 70 million euros (approx. Rs 30 crore and Rs 45 crore). The acquired company is likely to source fabric from SKNL's upcoming high end shirting fabric plant at Jhagadia in Gujarat.

“We are looking for acquiring a shirting fabric company in the UK which has strong relationships with the highest brands of the world. This way we will be able to market our high end shirting fabric that will be manufactured from our upcoming plant at Jhagadia in Gujarat. The acquisition could cost us anywhere around 50-70 million euros,” said Anees Fazalbhoy, Director, SKNL Group.

While the company is in talks with several players, Fazalbhoy refused to divulge details of the deal which is in advanced stages.

Currently, six manufacturing units based in Mysore (Karnataka) and Dewas (Madhya Pradesh) collectively produce over 2,00,000 meters of high-quality fabric each day. Luxury textile fabrics are manufactured at a state-of-the-art integrated facility situated near Mysore, Karnataka.

On the retail front, SKNL Group plans to expand its operations and market several brands like Stephens Brothers and Belmonte. A group company, Brand House Retails Ltd. (BHRL) is planning to set up close to 800 exclusive branded outlets (EBOs) for SKNL brands including Reid & Taylor, ESCADA, Belmonte and Stephens Brothers by 2009, said Fazalbhoy.

Having pegged a turnover of Rs 1,750 crore in financial year 2007-08, SKNL Group is aiming at a growth rate of over 25 per cent by the end of fiscal 2008-09.

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