Knitwear exporter Eastman Exports Global Clothing has partnered Bharat Biotech Group’s investment arm for about 20% stake sale.
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A press release said the share purchase agreement between the two companies has been approved by the Competition Commission of India under the “green channel” route. The deal has now been executed with both teams working in a partnership model to grow the business.
Eastman Exports will use the funds for capital expenditure, strengthening backward integration, and customer acquisition.
The funds will also be used to increase its global presence. N. Chandran, chairman of the company, said, “The funds will be used in strengthening our capacities and backward integration besides reaching out to newer markets. We have already set up an office in the U.S. and our U.K. office is expected to open soon. With India signing a Free Trade Agreement with the UAE, we will look at foraying into West Asia as well.” The company is also keen on venturing into the Australia, Japan, UAE and the European markets.
Suchitra Ella, Managing Director of Bharat Biotech said, “India is one of the few vertically integrated countries in cotton-based apparels, our vision is to grow this industry and support manufacturing from India to the world.”