PDS Limited’s subsidiary expands portfolio with Nobleswear

PDS Limited’s subsidiary, Norlanka Manufacturing Limited, is set to acquire a 26% stake in Nobleswear Private Limited, a Sri Lanka-based children’s wear manufacturer. This move is part of PDS Limited’s strategy to strengthen its position in the children’s wear segment and widen its manufacturing presence.

Expressing enthusiasm, PDS Limited’s Executive Vice Chairman, Pallak Seth, announced the acquisition of a 26% stake in Nobleswear Private Limited. The investment includes both a primary cash infusion and a subscription to company shares. Additionally, Norlanka retains the option to purchase an additional 24% of Nobleswear at the same price over the next three years.

PDS Limited’s Group CEO, Sanjay Jain, highlighted that the foundation of this acquisition is deeply rooted in their core values, particularly a commitment to maintaining an asset-light business model. This strategic move is expected to not only broaden the company’s portfolio and operational capabilities but also expand its customer base.

Chandana Ranatunga, CEO of Norlanka, expressed that this strategic move would not only enhance their operational capabilities but also expand their customer base. Nobleswear reported a top-line of Rs. 138 crore in the 2023 financial year, showing significant growth with a bottom-line profit of around 8%. The business has more than doubled its top-line over the past three years.