Malwa group eyes overseas markets, to launch Rs 200 cr IPO

While setting a turnover target of Rs 700 crore in the next three years by means of exploring opportunities in textile manufacturing in Europe and the Middle East, Punjab-based Malwa group will launch an IPO of Rs 200 crore in the current fiscal.

"By acquiring units abroad or in the country, Malwa Industries Ltd (MIL) intends to cater for the mid and top end markets for denim fabrics and garments by exploring business opportunities in Europe and the Middle East to position itself as an integrated denim-manufacturing unit in the global market" said Rishi Oswal, chief executive officer.

"The company, which has recently acquired two manufacturing units in Jordan and Italy, is in talks with global brands in Europe," he said.

Aiming at producing 40 million meters of denim fabric by 2008, the company has identified experienced professionals in Europe to work for them, he claimed while revealing that with focus on developing innovative denim fabric, the group has also entered into a Technical collaboration with Italy based Montebello for three years.