India, March 22 -- Grasim Industries Limited has signed a definitive agreement to acquire 100 per cent equity shareholding of Soktas India Private Limited (SIPL) for an enterprise value of Rs 165 crore, subject to net debt and working capital adjustments, as of the closing date. The transaction will be funded by the company primarily out of internal accruals.
SIPL is currently a wholly-owned subsidiary of Soktas Tekstil Sanayi ve Ticaret AS, a well-known producer and marketer of fabrics, with its main facilities in Soke, Turkey. Upon completion of the transaction, SIPL will become a wholly-owned subsidiary of Grasim.
SIPL is in the business of manufacturing and the distribution of premium cotton fabrics. Its state-of-the-art manufacturing...