UK-based J&P Coats Ltd has put in a bid to buy out its remaining stake in Indian textile company Madura Coats Ltd.
J&P Coats already holds 63.2 per cent of Madura Coats, and has offered 40 rupees per share for the remaining 36.8 per cent.
A statement from J&P Coats' parent Coats Plc said it wanted to increase and expand its business presence in India as well as develop the country as an important source of products.

The company's global threads business was based upon 100 per cent control of key strategic units it said, adding that Madura Coats had the potential to play a more important role in Coats' global supply chain if ownership levels were more consistent with global practice.

If the UK company is successful in buying out the remaining stake, then Madura Coats' shares will no longer be listed on Indian stock markets.