RSWM Limited, a subsidiary of LNJ Bhilwara Group, has solidified its market standing by signing a binding term sheet to acquire Ginni Filaments Limited's spinning, knitting, and processing unit in Mathura. Valued at Rs 160 crore, the acquisition is anticipated to be finalized within 90 days, contingent on approvals and definitive document execution.
This strategic move is poised to elevate RSWM Limited's market presence, fostering growth in turnover, workforce, and plant capacity. Positioned as a front-runner in the spinning and knit fabric sector, the acquisition is set to fortify RSWM Limited's production capabilities, with plans for modernization and technological advancements. B M Sharma, Joint Managing Director, underscored the significance of expanding reach and solidifying a pivotal role in the sector.
The acquisition aligns with RSWM Limited's commitment to innovation, as it plans substantial investments in state-of-the-art machinery, including the latest compact ring frames and advanced carding and comber machines. This infusion of technology aims to elevate recoveries, productivities, and product diversity.
Riju Jhunjhunwala, Chairman & Managing Director, and CEO of RSWM Limited, expressed enthusiasm for the expansion beyond Rajasthan, anticipating a surge in turnover by targeting new global customers. The strategic investment in sustainable practices and operational efficiency underscores RSWM Limited's commitment to eco-friendly production.
In conclusion, the acquisition of Ginni Filaments Limited's operations positions RSWM Limited as a dominant force in the spinning and knit fabric sector, ready to thrive in both domestic and international markets. The company's foresighted approach to modernization and expansion solidifies its trajectory for success.