INDIA: Vardhman Polytex, FM Hammerle set up shirting JV
Oswal Group flagship Vardhman Polytex is setting up a joint-venture dyed shirting fabric facility with Austria-based FM Hammerle.
The facility, which is costing INR2bn (US$43.7m), looks set to make turnover of INR700m during its first year of operating.
Vardhman will hold a 70 per cent share in the venture - which will be based in Kolhapur in India's Maharashtra state - while Hammerle will have 30 per cent equity.
The facility will boast an installed capacity of 12m metres annually.
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