Vertically integrated textile conglomerate Bannari Amman Spinning Mills Limited, based in Coimbatore (India), recently invested Rs. 3 crores in Young Brand Apparel (Tamil Nadu).
“We have made an additional investment in Young Brand Apparel amounting to Rs. 3.05 crores to make it our subsidiary. Earlier, it was an erstwhile joint venture with shareholding at 33.33 per cent but now it is 51.33 per cent,” the company said in its quarterly report.
Young Brand Apparel manufactures innerwear and outerwear for men, women and kids. It owns a 30-acre site at Ozhaiyur near Chennai and works with most of the top apparel brands.
The company was initiated 11 years ago as a joint venture of Bannari Amman Spinning Mills, Brandot International Limited (USA) and Intimark (Mexico).
Brandot International Limited is an investment company that specialises in the establishment of joint ventures in the apparel and textile industry. It has manufacturing units in countries such as Bangladesh, China, India, Indonesia, Madagascar, Mexico and Sri Lanka. Intimark, on the other hand, specialises in intimate wears.
Notably, Bannari Amman Spinning Mills reported net sales of Rs. 209.85 crores during the quarter ended September 30, 2017, as compared to Rs. 188.57 crores during the same period last year, marking an increase of 21 per cent.
