Garment Mantra acquires 83.8% stake in Jannat Fabrics, to pick up 100% soon

Garment Mantra Lifestyle Ltd, the erstwhile Junction Fabrics & Apparels Ltd), has acquired an 83.8 per cent stake in Jannat Fabrics and Apparels Private Limited.

The management is expecting to acquire 100 per cent stake in the next few months to make it a wholly-owned subsidiary of Garment Mantra. This will help Garment Mantra in running the entire textile value chain from supplying yarn/fabric to the mills for knitting, dyeing, printing, compacting and into retailing as well. Moreover, it will also improve the operational efficiency and reduce operational overheads within the group.

Prem Aggarwal, chairman & managing director, said the company is in the process of acquiring a majority stake in Twenty Twenty Trading LLP “Price Mantra” as part of the company's efforts to consolidate its group operations.

"We are confident of deriving substantial benefits from these acquisitions and register improved performance going forward,” he said.