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Arvind Mills to spin off textile brands - Views on News from Equitymaster
 
 
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  • Jun 10, 1999

    Arvind Mills to spin off textile brands

    Textile major, Arvind Mills is spinning off its textile brands and garments business into a seperate company. It is also scouting for private equity investors to take a significant stake in the new company.

    Arvind Mills currently owns more than 6 brands, which include Excalibur, Flying Machine, Ruggers, Ruff-n-Tuff and Newport. In addition, Arvind also has a licensing arrangement with two international brands - Lee and Arrow which cater to the premium segment. The combined turnover of these brands was in the range of Rs 2,750 m. Analysts feel that this should translate into a valuation of Rs 3,500-4,000 m for the entire business.

    Market sources believe that spin-off will help Arvind unlock the power of these brands. Besides, the cash infusion will also help Arvind in retiring high cost debt. Earlier, Arvind had also drawn up plans to hive off its denim business into a new company in collaboration with a foreign partner and focus exclusively on garments.

    10 June, 1999

     

     

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