Globe Textiles (India) Ltd to expand through acquisition of existing Garment Manufacturing and Processing Unit
L to R – Bhavin Parikh, CEO, Bhavik Parikh, MD and Nilay Vora, Director
New Delhi [India], March 29: NSE listed Globe Textiles (India) Ltd. (NSE: GLOBE), a STAR Exporter and leading jeans manufacturer and fabrics to global and domestic markets/brands for the last two decades, has informed NSE that it is in the process to Acquire Garment Manufacturing and Processing Unit under its expansion plans. Globe is taking over existing manufacturing units of Vivaa Tradecom Pvt. Ltd., engaged in manufacturing and job work of Garments and processing of Fabrics. Vivaa had a total turnover of Rs.145.90 cr. on 31 March 2021. After the acquisition, GLOBE will enhance its garment capacity and build in-house processing capacity.
The company also announced the reappointment of its Independent directors, Mr. Yogesh Kanhiyalal Vaidya and Mr. Bharat Shamjibhai Patel.
Earlier in December, the company had launched the denim brand “Orijean”, a registered brand of Bhavin Suryakant Parikh, CEO & CFO of the company, which entered into a License Agreement to widen the portfolio with different brands. The vision of “Orijean” is to create sustainable denim wear, which will inspire, support, promote, explore and implement solutions to the environmental crisis, craft, culture & people in every possible way, where everything is original.
“Great brands make an emotional connection with their buyers and inspire them to take action. Brand inspiration is the foundation of your brand strategy,” the company had said in a filing. The portfolio under the “Orijean” has jeans, shorts, joggers, cargo pants, T-shirts, Jumpsuits, and accessories for men’s and women’s wear.
GTIL operates a compliant, sustainable &futuristic manufacturing facility of sheer production brilliance dedicated to fashion garmenting for international customers. Cumulatively, the company will have a capacity of over 2.5 lakh sq. feet, housing various divisions. Together, it manufactures 36 million meters of fabric and 2.5 million bottoms per annum. Cumulatively it will have over 1200 workers strength and a team of over 150 staff members on board.
Globe offers a fascinating range of textiles, apparels and related services through innovation with due care to nature to nurture itself with a vast product portfolio consisting of man-made and natural fibre yarns, fabrics, accessories and readymade garments.
