Grasim acquires premium fabrics maker Soktas India for Rs 135 crore

Mumbai (Maharashtra) [India], Mar 29 (ANI): Aditya Birla-led Grasim Industries on Friday announced the acquisition of Soktas India for Rs 135.12 crore.
Soktas India is a wholly-owned subsidiary of Soktas Tekstil Sanayi ve Ticaret AŞ, a world-renowned producer and marketer of premium shirting fabrics with its main facilities at Soke in Turkey.
Hutokshi Wadia, President of Grasim Industries, said: "The acquisition of Soktas India is a compelling strategic fit, and will further strengthen the company's leadership in the premium cotton and linen fabric market in India."
Grasim acquired 100 per cent share capital of Soktas India for cash consideration and the transaction is complete.
Soktas Chairman Muharrem Kayhan said: "Grasim is uniquely positioned to grow Soktas India more than ever, with its significant presence and resources in the Indian and world markets."
Soktas India was incorporated on February 15, 2007, and clocked a turnover of Rs 186.17 crore in 2017-18.
"The offer was deemed by Soktas to be highly beneficial for its Indian assets and the significant goodwill it has generated in this market in the last decade," it said in a statement.
"By the terms of this agreement, Soktas will transfer its ownership of Soktas India in full, with its production facility in Kolhapur to Grasim."
The agreement will unlock significant value for Soktas to continue investing in its headquarters in Turkey and Europe, and strengthen its capital structure to protect and improve its market position as a world leader in premium shirt fabrics, it added.
Grasim Industries, a part of Aditya Birla Group, ranks among India's largest private sector companies. Its consolidated net revenue was Rs 56,200 crore and a consolidated net profit of Rs 3,700 crore in 2017-18 2018 with textiles cement, and financial services operations. (ANI)