Trident, one of the largest integrated home textile manufacturer in the world today announced that Lotus Integrated Texpark Ltd (LITL) located in Barnala, Punjab has become an associate firm of the group after it picked up stake in the company for Rs 25 crore in an all cash deal.
Trident with a modest beginning of 17,280 spindles of yarns, today exports to over 75 countries emerging as one of the largest integrated home textile manufacturer in the world. Trident is also one of the largest yarn spinners in India, one of the worldâ€™s largest terry towel manufacturers and the worldâ€™s largest wheat straw based paper manufacturer.
Trident, offers a variety of brands of terry towels and bed linen in the domestic market, catering to everyday as well as indulgent use. These home textiles products are sold under various established brands like Trident Home Essentials, Trident Indulgence, Trident Organica, Trident Cuddlies, Trident Bath Buddy and Trident Play.
The acquisition of LITL would help in forward/backward integration of textile business of the company, it said.
Lotus Integrated Texpark Limited is a Public Company incorporated on 29 November 2006 is engaged in the field of textiles. It had a turnover of Rs 142.03 crore in FY 2014-15
Trident Ltd in a BSE filing said that the company has today received intimation of allotment from LITL with respect to allotment of 2,50,00,000 equity shares pursuant to participation in rights issue of LITL. The company acquired the shares at Rs 10 each.
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