Indus Fila buys Sai Lakshmi unit for Rs90cr

Indus Fila buys Sai Lakshmi unit for Rs90cr

Our Bureau / Bangalore May 8, 2006

Bangalore-based apparel maker Indus Fila has acquired the fabric division of Mysore-based Sai Lakshmi Industries for a cash consideration of Rs 90 crore.

Indus Fila acquired total assets which includes 63.29 acres land, 4.70 lakh sq ft building, plant and machinery along with required utilities, current assets and liabilities on a going concern basis, Nitin Mandhana, vice chairman and managing director, Indus Fila, said in Bangalore today.

The acquired unit is a fully integrated weaving, processing and finishing unit with a capacity of 50,000 metres per day and a co-generation power plant of 6.5MW.

"The acquisition will add about Rs 120 crore to Indus Fila