M&A
Socks maker Filatex picks up 51% in Sri Lankan Isabella firm for $7.55 M
Publicly-listed, Hyderabad-based Filatex Fashions Ltd (FFL) is to acquire a 51% stake in Katunayake, Sri Lanka-based apparel manufacturing company Isabella (Private) Ltd for about USD 7.55 million. (Due diligence is on for the transaction.) Isabella, which employs over 2,000 personnel, has clients in Germany, France, Canada and Czech Republic. It is the 2nd largest manufacturer of socks & tights in South Asia, with an annual capacity of 48 million pairs. Filatex will go for a preferential issue to part fund the acquisition.
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