Latest News | RSWM to Acquire Spinning, Knitting and Processing Unit of Ginni Filaments

New Delhi, Dec 1 (PTI) LNJ Bhilwara Group firm RSWM on Friday signed a binding term sheet with Ginni Filaments Limited for proposed acquisition of its spinning, knitting and processing undertaking situated at Mathura on a slump sale basis at an enterprise value of Rs 160 crore.

The proposed acquisition is expected to be completed within 90 days of execution of the term sheet subject to execution of definitive documents and receipt of necessary approvals.

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"This acquisition is expected to result in an increase in turnover, employee strength, and plant capacity thereby marking a pivotal moment for RSWM Limited and will establish them as market leaders," a regulatory filing stated.

B M Sharma, Joint managing director of RSWM Limited said the acquisition broadens RSWM's reach, making it a significant player in the Spinning and Knit Fabric sector by strengthening its production capacity.

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"This may also lead to enhancement in yarn production capacity of RSWM. RSWM Limited has planned to make substantial investment in the modernization of the acquired assets, introducing cutting-edge technologies such as the latest generation compact ring frames and advanced carding and comber machines including power infrastructure. This move is aimed at enhanced recoveries, productivities, and product diversity to cater to premium clients,”he added.

Riju Jhunjhunwala, Chairman & Managing Director, and CEO of RSWM Limited said, “Going beyond Rajasthan, this expansion foresees a substantial increase in turnover. Targeting new customers globally, RSWM Limited aims to strengthen its position in spinning and knitted fabric sector. With a strategic investment in upgrading acquired assets, RSWM Limited focuses on operational efficiency and eco-friendly practices.”

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)