Grasim Ind, Century Textiles tieup for knits manufacturing biz.

Grasim Industries has incorporated a joint venture company viz. 'Birla Advanced Knits' on 14 July 2021 for undertaking knits manufacturing business in partnership with Century Textiles and Industries (CTIL).

Grasim Industries and CTIL will hold 50% each of the joint venture company, Birla Advanced Knits. The JV company will undertake the business of manufacturing man made cellulose fibre knit fabrics. Grasim and CTIL both have the right to nominate three directors each on the board of JV company.

Grasim Industries is a leading global producer of Viscose Staple Fibre, the largest Chlor-Alkali, Linen and Insulators player in India. Through its subsidiaries, UltraTech Cement and Aditya Birla Capital, it is also India's largest cement producer and a leading diversified financial services player.

Shares of Grasim Industries fell 0.08% to Rs 1,556.75 on BSE. The scrip hovered in the range of Rs 1,553 to Rs 1,565.95 during the day.

Century Textiles and Industries is a commercial powerhouse with interests in diverse industries. Currently, the business house is a trendsetter in cotton textile and also has a remarkable presence in the pulp & paper and real estate sectors.

Meanwhile, CTIL climbed 2.09% to Rs 727.80 on BSE. The scrip hovered in the range of Rs 717 to Rs 732.95 during the day.

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