Wilbur Ross acquires Indian worsted mill
October 3, 2006,
New York – Building out its international textiles portfolio, WL Ross & Co. has acquired OCM India Limited, a worsted textile manufacturing plant and a leading brand in the worsted fabric area of the global apparel market. The acquisition, pegged at $37 million, was made by WL Ross’ $300 million India Asset Recovery Fund, the WLR Recovery Fund III, and the Housing Development Finance Corporation, an Indian partner of Ross.
The company said OCM India Limited has 34,000 spindles, 185 looms, and 12 auto-coners, and is vertically integrated from fiber to fabric. Its tweed and jacket suitings are sold via 60 wholesalers and 1,200 retailers across India and worldwide, the company said.
Sudhamoy Khasnobis, managing director and ceo of Arcil (Asset Reconstruction Company of India ) stated, “The OCM acquisition is the first 100% buyout of a major Indian enterprise by a global turnaround fund.”