Mudra Group, operating in the textile industry since 1986 manufacturing fabrics and garments for domestic and export market, having facilities for fabrics & garments manufacturing, processing, design development and sampling etc. has decided to sell its Tarapur fabric unit.
The decision to sell off was arrived after doing a complete review on the business operations of the company. The review showed that the company is in need of funds, it needs to improve its operating efficiency and reduce its high interest cost due to the high debt burden.
During its recent board of Directors of Mudra Lifestyle meeting a decision was taken to sell Unit D-1 of the company's fabric business based in Tarapur.
The Board also approved the proposal to sell specified business/assets to prospective buyers for an appropriate consideration depending on the prevailing market conditions. The above decisions are subject to the approval of shareholders to be obtained by way of postal ballot.
The unit will be sold by way of slump sale to E-Land Fashion India, a 100 percent subsidiary of the holding company, E-Land Asia Holding, for a lump-sum amount of Rs 46.49 crores which will help in improving the company financial situation.
The MUDRA brand has built a strong goodwill in the domestic market.
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