Bombay Dyeing Acquires PT. Five Star Textile, Indonesia
2018-06-22 Merger and Acquisitions Textiles & Textile Products International
The Bombay Dyeing and Manufacturing Company Limited has signed a term sheet to acquire additional 3409 shares (representing 52.11% of total paid-up capital) in its existing Joint Venture in Indonesia viz. PT. Five Star Textile Indonesia. With this additional acquisition, the shareholding of the Company in the Joint Venture will rise to 86% from 33.89% at present, thereby making it a subsidiary of the Company. This is a strategic move to wind up the loss-making Joint Venture in due course.