India's Spentex close to buying European textile firm for 30-40 mln eur - report |
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Published
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Mon, 25 Jun 2007 06:34
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MUMBAI (Thomson Financial) - Indian yarn maker Spentex Industries Ltd is close to acquiring an European yarn and threads company for 30-40 mln eur, The Times of India reported, citing a source close to the development.The paper quoted the source as saying the target company is headquartered in Germany with a production unit in the Czech Republic, and is a profit making unit.The board of directors of Spentex is meeting on June 30 to consider the proposal. Spentex will fund the acquisition by raising debt on the books of a wholly owned subsidiary in the Netherlands, the paper said.TFN.newsdesk@thomson.comans/ans/jfrCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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