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Bombay
Dyeing JV with Proline; to transfer garment business
PTI
- Mumbai
Bombay
Dyeing and Manufacturing Company will pick up 51 per cent stake
in a joint venture with Proline and transfer its ready garment business
to the JV.
The
board of the Nusli Wadia group company approved a proposal to forge
a strategic alliance with Proline, promoted by Batra group, the
company informed the Bombay Stock Exchange here recently.
Bombay
Dyeing expects to become a major player in the apparel industry
by combining its distribution strength and financial resources with
experience and skills of Batra group, it added.
The
company has posted a net profit of Rs 25.33 crore for the first
quarter ended June 30, 2002, compared to a net loss of Rs 9.19 crore
in same period of previous fiscal. Total income (net of excise)
has decreased from Rs 215.39 crore in the quarter ended June 30,
2001 to Rs 193.15 crore in Q1 of current fiscal.
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