Private equity investor WL Ross & Co has entered India with the acquisition of textile producer OCM India for INR170 crore (US$37m).

OCM's assets include a state-of-the-art worsted textile manufacturing facility that is one of the first ISO-9001 certified mills in India.

The company is known for its tweed and jacket suitings that are sold through 60 wholesalers and more than 1,200 retailers across the country as well as global markets.

WL Ross entered the textile industry in 2003 through the acquisition of Cone Mills and Burlington Industries to create one of the largest textile companies in the world, International Textile Group (ITG).

Wilbur L Ross, Jr, chairman and CEO of WL Ross, said: "OCM establishes us in India's textile sector and further adds to the resources and synergies of our textile holdings. We expect rapid growth there in the future."

The acquisition of OCM is being made pursuant to a Scheme of Arrangement between Birla VXL and its existing lenders, creditors and shareholders and OCM and its shareholders, and being carried out through The Asset Reconstruction Company of India, Arcil.

Acril managing director and CEO Sudhamoy Khasnobis, said: "The OCM acquisition is the first 100% buyout of a major Indian enterprise by a global turnaround fund."