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Bombay Dyeing acquires Indonesia’s PT Five Star

Bombay Dyeing will increase its shareholding in Indonesia textile company PT Five Star (PTFS) from 33.89 per cent to 86 per cent. This means Bombay Dyeing will exit the joint venture partnership with PT Five Star and the latter will become a subsidiary of Bombay Dyeing.

PTFS was incorporated in Indonesia in 1979 with an objective of manufacturing and selling of yarn, cloth and other textile products. It registered a turnover of $1.84 million and a net loss of $1.54 million in December 2017. The company has been incurring losses for many years hence it has been decided to wind up operations. With closures like these Bombay Dyeing is looking to cut down losses across all verticals as it prepares itself to enter the lucrative apparel segment with heavy investment.

Bombay Dyeing, the textile arm of the Wadia group, had earlier announced that it will be re-entering the readymade apparel market with menswear garments and planning to open close to 100 franchise stores in Tier II and III cities before the end of this year.

Bombay Dyeing currently has 27 company-owned stores, 3000 multi-brand stores and over 200 franchise stores across India.

 

 
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