27 May 2023, Mumbai
Formation of Trent MAS Fashion Private Ltd; Tata Group's Trent Ltd. has established Trent MAS Fashion Private Ltd., a new company in a 50:50 joint venture with MAS Amity Pte Ltd., based in Singapore. The primary focus of this new entity is to design, develop, and manufacture intimate apparel and related products in India.
Equity Shares and Capital
Both Trent and MAS Amity have subscribed equally to 5 lakh equity shares of the joint venture company, with a face value of Rs 10 each, totaling Rs 50 lakh. Trent MAS Fashion has an authorized share capital of Rs 1 crore, divided into 10 lakh equity shares with a value of Re 1 per share.
Objectives of the Collaboration
The collaboration between Trent and MAS aims to enhance Trent's ability to offer fully owned brands in its retail stores while supporting MAS in expanding its international presence.
For the quarter ending on March 31, 2023, Trent reported an increase in net profit and revenue from operations compared to the previous year. This growth can be attributed to a low base in the previous year and ongoing network expansion efforts.
Net Profit for the March Quarter
Trent, the flagship retail arm of Tata Group, achieved a net profit of Rs 45.01 crore in the March quarter, marking a significant increase from Rs 20.87 crore in the same period the previous year.