Category: GARMENTS
Country: India
Region: Asia
By Maverick Martins
Aug 29, 2023
Gokaldas Exports Limited (GEL) through its wholly owned subsidiaries has entered into an agreement to acquire Atraco Group (Atraco) a leading manufacturer of apparel with a strong market position across USA and Europe.
The equity value of the transaction is estimated to be around $55 million (Rs. 454 crore) and the same will be funded by a mix of debt and internal accruals.
Commenting on the acquisition, Sivaramakrishnan Ganapathi, managing director of Gokaldas in a statement said, “We are very excited to welcome Atraco's admirable leadership team, their employees and their global customers to GEL. We have always believed in continuously adding production capacity at strategic locations enhancing our value proposition to customers.”
“With this acquisition, we will gain access to low-cost duty-free locations for manufacturing. Together, we can deliver a wider choice and value proposition to our global customers. We look forward to welcoming over 13,000 new members into the GEL family,” he added.
Atraco produces about 40 million garments annually with a product range that includes shorts, pants, shirts, t-shirts, blouses, and dresses catering across age groups.
Courtesy: Fashionnetwork.com
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