Donear Industries Ltd: Donear Group acquires OCM Woolen Mills
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