Wilbur Ross acquires Indian worsted mill
GDA Staff -- Gifts & Dec, October 3, 2006
New York – Building out its international textiles portfolio, WL Ross & Co. has acquired OCM India Limited, a worsted textile manufacturing plant and a leading brand in the worsted fabric area of the global apparel market. The acquisition, pegged at $37 million, was made by WL Ross’ $300 million India Asset Recovery Fund, the WLR Recovery Fund III, and the Housing Development Finance Corporation, an Indian partner of Ross.
Wilbur Ross, who formed International Textile Group in 2003 by acquiring Cone Mills and Burlington Industries, lost out in last year’s bidding on WestPoint Stevens. His company has since made strategic investments in several Asian textiles manufacturing and processing companies.
The company said OCM India Limited has 34,000 spindles, 185 looms, and 12 auto-coners, and is vertically integrated from fiber to fabric. Its tweed and jacket suitings are sold via 60 wholesalers and 1,200 retailers across India and worldwide, the company said.
Sudhamoy Khasnobis, managing director and ceo of Arcil (Asset Reconstruction Company of India ) stated, “The OCM acquisition is the first 100% buyout of a major Indian enterprise by a global turnaround fund.”
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