Rajasthan-based blended yarn and fabric manufacturer Banswara Syntex Ltd (BSL) has hiked its stake in its local joint venture firm Carreman Fabrics India Ltd to 80 per cent for an undisclosed amount, as per a stock market disclosure.
“The company has purchased 37,20,000 equity shares of Carreman Fabrics India (now known as Banswara Global Ltd) from Carreman France. The transfer was approved in the meeting of board of directors of Banswara Global held on October 19, 2013,” BSL said in the filing.
Incorporated in November 2005, Carreman Fabrics India was an equal equity joint venture between Carreman France and BSL. The company has a weaving plant having 60 picanol rapier looms. Its total paid up capital is Rs 14.20 crore.
A few years ago, the Indian partner was rumoured to be in talks to buy Carreman to expand overseas. However, no such deal transpired.
Incorporated in 1976, BSL manufactures man-made synthetic blended yarn, wool and wool mixed yarn, fabrics, jacquard furnishing fabrics and readymade garments.
It was previously a joint venture between Rajasthan government undertaking RIICO Ltd and RL Toshniwal, BSL chairman and MD. Later, Toshniwals purchased the shares from RIICO and presently, it is a publicly-listed company with the promoters holding 53.54 per cent of equity share capital.
(Edited by Joby Puthuparampil Johnson)