Malwa Ind mulls acquisitions abroad

Ludhiana-based Malwa group is exploring possibilities to acquire textile manufacturing facilities in Europe and the Middle East to position itself as an integrated denim manufacturing unit in the global market.

By acquiring units abroad and within the country, Malwa Industries Ltd (MIL) intends to cater to the mid and top end markets for denim fabric and garments.

MIL CEO and MD, Rishi Oswal said, "We are weighing the options of acquiring textile manufacturing units particularly in Europe, Middle East and India for catering to these markets,"

The company, which has recently acquired two manufacturing units in Jordan and Italy, is also in talks with global brands in Europe and UK to increase its footprints in these markets.

Aiming at production of 40 million meters of denim fabric by 2008, the company has identified experienced professionals in Europe to work for them.

With focus on developing innovative denim fabric, Mmalwa industries has also entered into a technical collaboration with Italy based Montebello for three years.

The company plans to increase its turnover to Rs 700 crore in next 3 years,It has also decided to raise over Rs 200 crore from its initial public offer which will be launchedlater this year.