Donear Industries Ltd: Donear Group acquires OCM Woolen Mills

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Ahmedabad: Mumbai-based Donear Group on Monday announced the acquisition of OCM Woolen Mills. The acquisition of OCM will enable the Donear Group to expand its range of products to Indian consumers for all weather conditions and for all occasions, the company said.The distributors of OCM, who generally witnesses lower sales during non-winter seasons, will be able to sell an additional range of products, especially Giza, Supima, wrinkle-resistant cotton fabric for jackets, trousers etc. andTerry Rayon fabric for suit length.

Announcing the acquisition of OCM, Rajendra Agarwal, promoter of the Donear Group said the company as charted out ambitious and aggressive plans to promote the OCM brand.OCM is India’s best-quality manufacturer of woolen and worsted fabrics and no other manufacturer in India has been able to match the quality of OCM Blazer and jacket of Tweed fabric till date, he said.

OCM Private Limited (formerly known as OCM India Limited) began its journey as atextile manufacturer in 1924 and forayed into worsted fabric in 1972. Originally a part of SK Birla Group (Birla VXL), OCM was acquired by private equity funds managed by WL Ross & Co. LLC in 2006.OCM Woolen Mills is the second major acquisition by promoter of the Donear Group after it acquired GBTL Ltd. (formerly known as Grasim Bhiwani Textile Limited), the PV Suiting Fabrics business earlier in July this year.

Like GBTL Ltd, OCM Woolen Mills will continue to operate as an independent unit manufacturing woolen fabric products under guidance of the Donear Group management. There will not be any change in the day-to-day management or existing policies at the OCM unit, the company said in a statement.Post-acquisition, all the entities will continue to focus on their respective brands as separate teams and the management will continue its efforts to strengthen and utilize their competencies to serve to their customers.

Wednesday, 22 November 2017

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