INDIA: Malwa Industries acquires Third Dimension Apparels & bought healthy stake in Italian firm

LUDHIANA: Malwa Industries has acquired two overseas company's one a Jordanian firm, Third Dimension Apparels, and has bought 80 per cent stake in an Italian company, Emmetre Tintolavanderie Industriali, both the acquisitions amounted around Rs 50 crore.
The Jordanian company will increase Malwa`s garment capacity from the present 4.5 million pieces to 10 million pieces per year. Emmetre is involved in dyeing and finishing of garments and has a capacity of 2.5 million garments per year.  
The acquisition of Third Dimension has given a strategic foothold in a garment manufacturing location with duty-free access to the US and European markets.
Malwa Industries, which is part of the Rs 540 crore Malwa Group, will also invest Rs 250 crore to expand capacity over the next two years.  
The company`s denim fabric capacity will rise from the present 20 million metres to 30 million metres next year and will touch 40 million metres by 2008.

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Added: May 12, 2006 Source: Agencies
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