Grasim teams up with ‘CTIL’ formulating a Joint Venture Company ‘Birla Advanced Knits’
17th July 2021,Mumbai:
Grasim Industries has teamed up with Century Textiles and Industries (CTIL) to incorporate a joint venture company (JVC) viz. 'Birla Advanced Knits' to venture into knits manufacturing business.
Grasim Industries and CTIL will each hold 50 per cent stake in the JVC that will manufacture man made cellulose fiber knit fabrics. Both the companies will have the right to nominate three directors each on the board.
A leading global producer of viscose staple fiber, Grasim Industries is the largest chlor-alkali, linen and insulators player in India. Through its subsidiaries, UltraTech Cement and Aditya Birla Capital, it is also India's largest cement producer and a leading diversified financial services player.
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Century Textiles and Industries is a commercial powerhouse with interests in diverse industries. Currently, the business house is a trendsetter in cotton textile and also has a remarkable presence in the pulp and paper, and real estate sectors.
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