Supreme Yarns receives FDI worth US$3.6 million from Chic-Tex Inc

Supreme Yarns Ltd has announced that the Company has received Foreign Direct Investment of about USD 3.6 Million from Chic-Tex Inc. (CTI) and against it the Company has allotted 3870000 equity shares at the rate of Rs 38.26 per share. CTI has got post-issue holding of 11%. The Company has made strategic tie-up with CTI. CTI brings more than 20 years of expertise in R & D, marketing and quality service to the partnership, providing a strong foundation for new and pre-existing customers.

Founded in 1984, Chic-Tex, headquartered in Montreal, Canada, with a liaison office in Istanbul, Turkey, provides highly competitive hand knitting yarns to the North and South American Markets. Having direct and indirect production premises around the world and with highly skilled technicians, expert R & D, and strategic marketing they have expanded into Europe and other world markets.

This alliance combines the strengths of both Chic-Tex and the Company to deliver innovative and top quality hand knitting yarns at very competitive prices, to help their new and pre-existing customers succeed in an increasingly competitive market place.

The Company, with more than 10 years experience in operating yarn mills, will expand their existing facilities for manufacturing Hand Knitting Yarn. "Chic-Tex know-how, technical support and new stat-of-the-art machinery, will help us develop quality hand knitting yarns at very competitive prices" said Mr. Ajay Gupta, Jt. Managing Director of the Company. "We see great promise as we learn more about their strong marketing strategies and export experience."

Source : Equity Bulls

Keywords