S Kumars Nationwide is selling a stake in its Reid & Taylor subsidiary to GIC Special Investments for INR9bn (US$209m), the textile and apparel maker said today (24 June).

Following the fresh issue of shares and warrants, GIC SI will own 25.4% of Reid & Taylor, valuing it at INR35.4bn, and S Kumars will own the remaining 74.6%.

The investment will help to grow Reid & Taylor in the luxury fabric and apparel market where it is known for its worsted fabrics and men's suits.

S Kumars Nationwide spun off its Reid & Taylor Division into the unlisted subsidiary Reid & Taylor (India) Ltd last November.