Garment Mantra Lifestyle Ltd (Erstwhile Junction Fabrics & Apparels Ltd) has announced the acquisition of 83.80% stake in Jannat Fabrics and Apparels Private Limited.
As a part of the group restructuring exercise, the Company has acquired 83.80% stake in Jannat Fabrics and Apparels Private Limited. The management is expecting to acquire 100% stake in next few months to make it wholly owned subsidiary of Garment Mantra, the company said in a statement.
“This will help Garment Mantra in running entire textile value chain from supplying yarn / fabric to the mills for Knitting, Dyeing, Printing, Compacting factories and into Retailing as well. Moreover, it will also improve operational efficiency and reduce operational overhead within the group,” the company added.
Commenting on the development, Prem Aggarwal, Chairman & Managing Director, said: “We at Garment Mantra are glad to update our stakeholders about the acquisition of substantial stake in Jannat Fabrics and Apparels Private Limited. We are expecting to make it wholly owned subsidiary in next few months. Furthermore, we are also in the process of acquiring majority stake in Twenty Twenty Trading LLP “Price Mantra” as part of our efforts to consolidate our Group operations. We are confident to derive substantial benefits from these acquisitions and register improved performance going forward.”
Garment Mantra Lifestyle Limited (Erstwhile Junction Fabrics & Apparels Ltd) is a BSE SME-listed company focused on fulfilling the fashion and lifestyle aspirations of mass indian population. Garment Mantra is engaged in the business of garment manufacturing and selling of both Knitted Fabrics as well as Knitted Garments.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.