Textile design and manufacturing company Himatsingka Seide on Tuesday said it has acquired 80 per cent stake in the US-based Divatex Home Fashions Inc, a distributor of bed linen products, for $53 million (around Rs 215 crore).
The acquisition was carried out through Himatsingka Seide's wholly-owned subsidiary Himatsingka America Inc.
The enterprise value for the transaction was $75 million (around Rs 304 crore).
"Himatsingka will continue to create and strengthen its manufacturing capabilities in India while enhancing its global distribution strengths through acquisitions," Himatsingka Seide Managing Director Dinesh Himatsingka said.
Himatsingka Seide has completed the acquisition in Divatex Home Fashions Inc and has signed definitive agreements to this effect on July 1, Himatsingka Seide said in a communique to the Bombay Stock Exchange (BSE).
"Having completed two international acquisitions of Giuseppe Bellora and Divatex with combined revenues of around Rs 800 crore and the commencement or production at the Rs 400 crore bed linen facility, the company is positioned to achieve consolidated annualised revenues of over Rs 1,000 crore," Himatsingka Seide Executive Director Shrikant Himatsingka said.