Donear Group acquires OCM Woolen Mills
As a part of the strategy to consolidate their top position in Indian textiles industry, the promoters of Mumbai-based Donear Group have announced the acquisition of OCM Woolen Mills.
As a part of the strategy to consolidate their top position in Indian textiles industry, the promoters of Mumbai-based Donear Group have announced the acquisition of OCM Woolen Mills. The acquisition of OCM, which manufactures a premium range of high-quality all-wool and wool-blended worsted suiting fabrics, will enable the Donear Group to expand its range of products to Indian consumers for all weather conditions and for all occasions. In a win-win deal, OCM gets access to the management expertise of the promoters of Donear Group to expand its product range and distribution footprint within India as well as in the overseas markets.
The distributors of OCM, who generally witness lower sales during non-winter seasons, will be able to sell an additional range of products, especially Giza, Supima, wrinkle-resistant cotton fabric for jackets, trousers etc. and Terry Rayon fabric for suit length.
Announcing the acquisition of OCM, Rajendra Agarwal, Promoter of the Donear Group said, â€œHome to the holy Golden Temple and spirited people, Punjab has always been special for us. Donear Group started its major take-off in 1994 from Amritsar. OCM is Indiaâ€™s best-quality manufacturer of woolen & worsted fabrics, and thanks to their skilled manpower for ensuring best quality of fabric. OCMâ€™s tweed suiting material is extremely popular for Blazer & Jacket fabric across India. No other manufacturer in India has been able to match the quality of OCM Blazer and jacket of Tweed fabric till date. We have charted out ambitious and aggressive plans to promote the OCM brand.â€
OCM Private Limited (formerly known as OCM India Limited) began its journey as a Textile manufacturer 1924 and forayed into worsted fabric in 1972. It has a sprawling 37-acre complex that houses an ultramodern plant with 23,000 spindles, 120 high-speed shuttlesless looms and a woolen processing unit, with a weaving capacity of 25,000 meters of fabric per day and an employee base of 900. OCM is the first integrated worsted woolen fabric manufacturing unit in India with the prestigious ISO 9001 certification. It is also the first Indian textile company to receive the NABL accreditation in accordance with international standard ISO 17025:2005 for its in-house Quality Assurance Laboratory.
Originally a part of SK Birla Group (Birla VXL), OCM was acquired by private equity funds managed by WL Ross & Co. LLC in 2006. Since that acquisition, OCM has undergone extensive transformation across manufacturing, product development to revitalise its brand and strengthen its business. OCMâ€™s product design function is at the forefront of global styling with design office in Biella, Italy. Due to its superior product quality, institutional customers such as hospitals, airline and hospitality companies, schools and the government undertakings consider OCM as their preferred supplier of worsted fabric.
OCM Woolen Mills is the second major acquisition by promoter of the Donear Group after it acquired GBTL Ltd. (formerly known as Grasim Bhiwani Textile Limited), the PV Suiting Fabrics business earlier in July this year. Like GBTL Ltd, OCM Woolen Mills will continue to operate as an independent unit manufacturing woolen fabric products under guidance of the Donear Group management.