VYTL manufactures sewing and other specialty threads, in which A&E earlier held a 49 per cent stake, while the rest was with Vardhman Textiles.

According to media reports, this transaction makes A&E the majority shareholder in VYTL, while Vardhman will now hold a minority stake.

The Competition Commission noted that the proposed combination will not have an appreciable adverse effect on competition in India, since both VYTL and Gutermann India (GI), a wholly-owned subsidiary of A&E, have insignificant market shares in the apparel, automotive and specialty threads segments. (AR)

Fibre2Fashion News Desk – India