Gujarat Investa to acquire Anunay Fabrics

March 7th, 2008 - 9:52 pm ICT by admin  

Ahmedabad, March 7 (IANS) City-based non-banking financial company Gujarat Investa Ltd GIL) announced Friday that it has decided to acquire textile export house Anunay Fabrics Private Ltd. In a filing with the Bombay Stock Exchange (BSE), the company said the acquisition would be made through amalgamation, which needed Gujarat High Court’s approval. Shareholders of GIL at an extraordinary general meeting Sunday gave their nod to the amalgamation proposal.

The shareholders also approved the management’s proposal to diversify the company’s interests into textile business.

The amalgamation process would be completed in three months, Sunil Poddar, consultant to GIL told IANS.

Post amalgamation, Anunay Fabrics would become a subsidiary of GIL, company sources said.

Shareholders approved the management’s proposal to increase GIL’s authorised capital from the current figure of Rs.65 million to Rs.100 million, GIL said in the release.

Anunay Fabrics, which has a stitching unit, is planning to come up with a textile manufacturing facility at integrated textile park near Nalsarovar. Anunay also exports table linen, aprons, dishcloth, napkins, scarves, sarees and dress materials.

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