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GIC to invest Rs 900 crore Reid & Taylor

GIC Special Investments will invest Rs 900 crore in S Kumars unit Reid & Taylor through a fresh issue of shares and warrants.

GIC Special Investment (GIC SI), is the private equity investment arm of Government of Singapore Investment Corporation (GIC). Post-conversion, GIC SI would own 25.4% of Reid & Taylor, valuing it at Rs 3,540 crore. S Kumars Nationwide will own 74.6% of Reid & Taylor (India) post the investment from GIC SI.

GIC SI's investment in Reid & Taylor will help to substantially strengthen Reid & Taylor and SKNL's businesses and their ability to grow in the luxury fabric and apparel and other textile segments of the textile industry, where it is already a market leader.

S.Kumars Nationwide’s net profit rose 60.6% to Rs 35.06 crore on 3% increase in net sales to Rs 382.70 crore in Q4 March 2008 over Q4 March 2007.

The company operates in product categories such as fabrics, apparel, and home textiles and in fiber categories such as natural, man-made, and blended.

Source: NDTV Profit

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