Pearl Global Industries Limited, one of India’s largest garment exporters has announced that its wholly-owned subsidiary has acquired 9,00,860 equity shares of Bangladesh-based, Alpha Clothing Limited.
Bangladesh
Pearl Global Industries Limited, one of India’s largest garment exporters has announced that its wholly-owned subsidiary has acquired 9,00,860 equity shares of Bangladesh-based, Alpha Clothing Limited.
Thewholly-owned subsidiary, Pearl Global (HK) Limited acquired 52.11% equity capital of Bangladesh based, Alpha Clothing Limited for a consideration of USD 1.05 million on April 21, 2022. This acquisition will be funded through internal accruals.
Alpha Clothing Limited (Alpha) commenced its operations in the year 2013 with a modest workforce of 150 people and 100 machines. Alpha was a part of the approved facilities for outsourcing.
Pallab Banerjee, Managing Director, Pearl Global Industries Limited said that Covidâ€19 has led to a redistribution of global trade shares and recalibration of sourcing partners. China plus one has opened opportunity for garment players across the globe. With the acquisition of Alpha, production capacity of Pearl Group shall be increased by 8 million pcs. per year.
He added that, Alpha, being Gold Leed Certified facility and approved by their major strategic buyers, will help them to further strengthen the manufacturing presence in the Bangladesh market and fuel incremental growth through new customer acquisition and additional demand from existing customers.
Source: IIFL Securities
Image Source: Google Images
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