Grasim Industries has signed a definitive agreement, to acquire 100% equity shareholding of Soktas India (SIPL) from its current promoters, for an enterprise value of Rs 165 crore. The transaction will be funded by the Company primarily out of internal accruals. SIPL will become a wholly owned subsidiary of Grasim upon completion of the transaction.
SIPL is currently a wholly owned subsidiary of SOKTAS Tekstil Sanayi ve Ticaret A.S., world renowned producer and marketer of fabrics, with its main facilities in Soke, Turkey.