Donear Group announced its acquisition of Grasim Bhiwani Textile Limited which is a poly-viscose suiting fabrics subsidiary of Grasim Industries. Terming the acquisition as a “strategic move,” the Donear release stated, ‘This will significantly enhance our profile and addressable market in the global textile space.”
“The acquisition of Grasim Bhiwani Textile Limited (GBTL) gives Mumbai-based Donear Group a strategic edge in global textiles business in terms of world-class production capabilities to market products and access to the marquee customers globally,” the release added.
GBTL is the country’s largest manufacturer of PV and PW Suiting, selling its products under the “Grasim” and “Graviera” brands in India and 25 and odd countries outside India. The biggest strengths of GBTL are its quality-conscious trade partners and global customers, who have been associated with them for a long time. GBTL caters to international fashion houses in the US and the UK, supplying fabric to them for making garments. These garments are available in some of the largest retail chain stores. The Donear Group aims to build further on GBTL’s existing strengths.