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BRFL Textiles completes Rs 240 cr equity investment from marquee investors

BRFL Textiles completes Rs 240 cr equity investment from marquee investors
outlookindia.com
1970-01-01T05:30:00+0530
(Eds: Correcting figure in header)

New Delhi, Feb 11 (PTI) BRFL Textiles on Thursday said it has completed Rs 240 crore equity infusion from a consortium of marquee financial investors led by JM Financial India Fund II, Think Investments and others.

BRFL Textiles Pvt Ltd (BTPL) was recently formed as a separate entity in August 2020 as part of a restructuring process undertaken by Bombay Rayon Fashions Ltd.

"BTPL, housing the largest single-roof fabric processing unit in India, has completed Rs 2.4 billion equity infusion from a consortium of marquee financial investors led by JM Financial India Fund II (an Indian growth private equity fund), Think Investments (a San Francisco-based investment firm), and others," the company said in a statement.

BTPL said the "equity capital will be utilised primarily to fund the business growth and for initial Capex to bring the plant up to speed".

"...now with a fully funded operation with almost no debt, the Tarapur unit housed in BTPL is poised to grow into one of the leading fabric processing houses in India...BTPL is augmenting its talent pool by hiring senior professionals and spending on maintenance Capex to ensure full utilisation of its 4,00,000 meters per day capacity.

"We shall further invest in technology to ensure increased efficiency of our state-of-the-art machinery at our plant that adheres to all regulatory and business compliances," BTPL Managing Director Prashant Agarwal said.

The new entity, committed to ''Make in India'', will also look to export its products and to take advantage of the "China plus One" strategy, prompting global firms to diversify their sourcing away from China to India, BTPL said.

"We believe BTPL has huge growth potential and the fund infusion will help the company scale-up its business. Increased consumption of branded apparels will drive growth for organised fabric manufacturers, both in domestic and export markets, which can deliver large volumes with consistent quality and within agreed timelines," MDarius Pandole, MD & CEO, PE & Equity AIFs at JM Financial Ltd, said. PTI SVK BAL

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Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI

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