Wilbur Ross acquires Indian worsted mill

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.

Wilbur Ross, who formed International Textile Group in 2003 by acquiring Cone Mills and Burlington Industries, lost out in last year’s bidding on WestPoint Stevens. His company has since made strategic investments in several Asian textiles manufacturing and processing companies.

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.”

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

  • Live From New York: Fashion Comes Across the Pond

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT Cover October 2017

See the October 2017 issue of Home & Textiles Today. In this issue, we look at the Top 25 Online Retailers.  H&TT's exclusive annual ranking of the biggest online sellers of home textiles finds that while pure play etailers continue to fly, bricks & clicks are digging into omnichannel. See details!