SP Apparels, a prominent apparel exporter, has successfully acquired the textile business of the Bannari Amman Group, including key assets such as its subsidiary, Young Brand Apparel. This strategic acquisition encompasses the garment unit at Palladam Hi-Tech Weaving Park, along with 6.43 acres and a building at SIPCOT in Perundurai, providing SP Apparels with significant leasehold rights.

Notably, SP Apparels will now have access to the manufacturing and export capabilities of Young Brand Apparel, a well-known player in the intimate wear market segment. Young Brand Apparel, a joint venture between Jacob Industries (US) LLC, Mexico-based Intimark, and Bannari Amman Spinning Mills, boasts of a sprawling 26-acre site on the outskirts of Chennai, housing a 280,000 sq ft manufacturing facility.

SP Apparels, recognized for its leadership in sustainability, focuses on comprehensive sourcing, manufacturing, and supplying children's and kidswear. In fiscal 2022-23, the company recorded substantial growth, with revenues increasing to Rs 9,623.20 million from Rs 7,764.21 million in FY 2021-22.

On the other hand, Bannari Amman Spinning Mills, the previous owner of the acquired textile business, is a renowned manufacturer and distributor of cotton yarn, woven and knitted fabrics, home textiles, knitted garments, and fabric processing. With two spinning units in Dindigul, Tamil Nadu, boasting an installed capacity of 145,440 spindles, the company also operates weaving and home textiles units at Karanampettai near Palladam, a processing unit at SIPCOT, Perundurai, a knitting unit at Karanampettal near Palladam, and garment units at Palladam Hi-tech Weaving Park. Additionally, Bannari Amman Spinning Mills owns 27 windmills for captive consumption.

This strategic move to acquire Bannari Amman Group's textile business positions SP Apparels as a stronger player in the apparel sector solidifying its presence and capabilities in the industry.