Tirupur company acquired Italy firm
The Tirupur-based Mehala Group has acquired 99.117 per cent equity interests of the Italy-based Finlane in Sanmarco Texmac Private Limited here.Having started with import and supply of sewing machines to the garment sector, the Mehala Group is now a total solution provider for the garment sector and also manufactures copper rotor motors. Sanmarco is into machining components and making spindles for the woollen sector.According to S. Srinivasan, advisor to the Mehala Group, it will commission a foundry here by the end of August with a capacity of 250 tonnes a month.By acquiring Sanmarco, the company will be able to provide value addition to the castings.It will also take up orders for the domestic and export market.“The capacities of Sanmarco are largely under-utilised now. Apart from the acquisition, Mehala will invest Rs. 2 crore to Rs. 3 crore initially in specialised machinery,” he said.The aim was to increase capacity utilisation and achieve net profit during this financial year.The company was now incurring net losses, though it was making cash profit. Located at Sulur, near here, Sanmarco was established in 1996 primarily to manufacture textile machinery at European standards.The group also has two textile mills with nearly one lakh spindleage.
