Garment Mantra Lifestyle Ltd (Erstwhile Junction Fabrics & Apparels Ltd) updated about acquisition of 83.80% stake in Jannat Fabrics and Apparels Private Limited.
As a part of the group restructuring exercise, the Company has acquired 83.80% stake in Jannat Fabrics and Apparels Private Limited. The management is expecting to acquire 100% stake in next few months to make it wholly owned subsidiary of Garment Mantra.
This will help Garment Mantra in running entire textile value chain from supplying yarn / fabric to the mills for Knitting, Dyeing, Printing, Compacting factories and into Retailing as well. Moreover, it will also improve operational efficiency and reduce operational overhead within the group.
Commenting on the same, Prem Aggarwal, Chairman & Managing Director, “We at Garment Mantra are glad to update our stakeholders about the acquisition of substantial stake in Jannat Fabrics and Apparels Private Limited. We are expecting to make it wholly owned subsidiary in next few months.
Furthermore, we are also in the process of acquiring majority stake in Twenty Twenty Trading LLP “Price Mantra” as part of our efforts to consolidate our Group operations. We are confident to derive substantial benefits from these acquisitions and register improved performance going forward.”
The company was trading flat at Rs55 with no change in stock price on BSE, at around 10.35am.