Mumbai,
Maharashtra
Grasim Industries incorporated
a joint venture company called ‘Birla Advanced Knits’ in July 2021 for
undertaking knits manufacturing business in partnership with Century Textiles
and Industries (CTIL). Grasim
Industries and CTIL will hold 50% each of the joint venture company, Birla
Advanced Knits. The JV company will undertake the business of manufacturing man
made cellulose fibre knit fabrics. Grasim and CTIL both have the right to
nominate three directors each on the board of JV company.
Grasim Industries is a leading
global producer of Viscose Staple Fibre, the largest Chlor-Alkali, Linen and
Insulators player in India. Its
subsidiaries are UltraTech Cement and Aditya Birla Capital and it is also
India’s largest cement producer and a leading diversified financial services
player.
Shares of Grasim Industries
fell 0.08% to Rs 1,556.75 on BSE. The scrip hovered in the range of Rs 1,553 to
Rs 1,565.95 during the day.
Century Textiles and Industries is a commercial powerhouse
with interests in diverse industries. Currently, the business house is a
trendsetter in cotton textile and also has a remarkable presence in the pulp
& paper and real estate sectors.
Meanwhile, CTIL climbed 2.09%
to Rs 727.80 on BSE. The scrip hovered in the range of Rs 717 to Rs 732.95
during the day.
Source: Business Standard
Image
Source: Google Images
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