The trading arm of the Tata Group, Tata International Limited (TIL) on Monday said it has picked up a 76 per cent stake in Bachi Shoes India Pvt Ltd (BSIPL) and Euro Shoe Components Pvt Ltd (ESCPL) for an undisclosed sum.
The Bachi family will continue to hold the residual stake and will work closely with TIL to manage and grow the business. This is the first major acquisition by TIL after Noel Tata took over as managing director of the company. Media reports earlier had pegged the deal at Rs 130 crore, but a company official refused to comment on this.
Based in the southern part of the country, BSIPL is India’s largest manufacturer of children’s footwear, supplying to several international brands across Europe. ESCPL is a manufacturer of footwear soles. Tata International’s move is considered consistent with the company’s renewed emphasis on aggressive growth and expansion and with these acquisitions, TIL has established a considerable presence in the children’s footwear segment.
Source: Indian Express