22 March 2023, Mumbai
Known as Monti India, Tessitura Monti India Private Limited (TMIPL), a wholly owned Indian subsidiary of Italian company Tessitura Monti Spa, has been acquired by Bengaluru-based cotton fabric manufacturer Hi Fabrique Group in a deal estimated to be around Rs 205 crore.
TMIPL's production facility in Kolhapur, Maharashtra, spans over 150,000 square feet and is equipped with state-of-the-art machinery for weaving, dyeing, printing, and finishing fabrics. The facility has a production capacity of over 1.5 million meters per month, with a focus on high-quality cotton shirting fabrics. With the acquisition by Hi Fabrique Group, the production facility is expected to further enhance its capabilities and expand its reach in the global market.
Monti supplies 20% of its production to the leading domestic and international brands in India, whereas the majority of the company's exports come from high end international brands.
The acquisition will allow Hi Fabrique to expand its presence in the global markets after having dominated India's luxury shirting fabrics market. The acquisition would enable the two companies to create a more diversified product portfolio by combining their expertise, resources, and talent to better meet the evolving needs of their customers and deliver innovative solutions that exceed their expectations.