S.P. Apparels acquires spinning mill

COIMBATORE: S.P. Apparels has acquired Sri Balaji Bakiam Spinning Mill at Valapadi, near Salem, for Rs. 26 crore. A company release said that with the acquisition of the 12,672-spindle mill S.P. Apparels had become a fully-integrated textile company. The cost of acquisition would be partly funded through internal accruals and taking over of the bank liabilities. — Staff Reporter

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