Yes Bank has entered into partnership with Welspun Global Brands. This will facilitate electronic presentation of export documents. With this transaction, Yes Bank becomes the first Indian bank to facilitate electronic presentation of export documents. Welspun Global Brands is a subsidiary of Welspun India.
The electronic documentation of the international trade e-presented through a digital platform will replace the need to exchange physical documentation, thereby reducing turnaround-time from ten days to real-time for all parties involved, while establishing a precedent for faster, secure, cost-efficient settlement of cross border trade, resulting in optimization of working capital.
The digital platform has been built by UK-based Bolero. Welspun India is one of the largest manufacturers and exporters of bed and bath textile products globally. The company’s portfolio comprises a wide range of home textile products such as terry towels, bed linen (basic bedding and decorative bedding), rugs and bathrobes.
The company is seeing substantial growth in e-commerce and has developed a few products for the online marketplace as well. Capacity utilisation has gone up from 80 per cent clocked in the previous financial year. The plan is to invest Rs 900 crores as a part of capital expenditure. Capital has been set aside for a new flooring unit in Telangana.
