Vardhman Textiles - Updates
Vardhman Textiles Ltd has informed BSE that to achieve the objective of possible creation of strategic relationship with an international thread entity, the Company has signed a Joint Venture Agreement on March 24, 2008 with American & Efird Inc. (A&E), a subsidiary of Ruddick Corporation, USA.
The Joint Venture, which has been implemented in Vardhman Yarns and Threads Ltd (VYTL), a subsidiary Company of Vardhman Textiles Ltd, has become effective after the allotment of shares to A&E by the Board of Directors of VYTL in their Board Meeting held on April 07, 2008. This Joint Venture Agreement envisages A&E’s participation in equity, initially to the extent of 35% of paid-up equity share capital with an option to increase its share in equity up to 49% within the next five years.
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