Sutlej Textiles and Industries, the flagship company of KK Birla Group, has got approval for the Rs233 crore deal for the acquisition of Birla Textile Mills, the textile division of Chambal Fertilisers and Chemicals Ltd., location at Baddi in Himachal Pradesh from the Competition Commission of India (CCI).
Sutlej Textiles in a filing to the BSE said that the Competition Commission of India has communicated to them their approval of the Proposed Combination.
The consideration for purchase of BTM from Chambal works out be Rs 232.63 crore (including net current assets) subject to closing and other adjustments, if any," Sutlej Textiles and Industries had earlier said in a regulatory filing.
In March this year, Sutlej Textiles & Industries had received the approval from its Board of Directors to acquire Birla Textile Mills which produces around 9,600 metric tons of yarn annually, including synthetic, cotton blended and acrylic yarns, 40 percent of which are exported to global markets.
Sutlej Textiles operates three unitsâ€”Rajasthan Textile Mills, Chenab Textile Mills, and Damanganga Home Textiles located in Rajasthan, Jammu and Kashmir, and Gujarat respectivelyâ€”and have a textile value-chain from yarns to home textiles.
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