Samara injects $32m in Monte Carlo Fashions
US-based private equity firm Samara Capital has invested INR1.75 billion ($32 million) for an 18% stake in India’s Monte Carlo Fashions.
Samara acquired 2,873,564 shares via a capital increase and a further 1,149,426 shares through the provision of replacement capital to the company's promoters, who include JL Oswal and family.
Ludhiana-based Monte Carlo is a unit of the Nahar Group, which is in turn owned by Oswal Woollen Mills (OWM). It was carved out of OWN last year and now focuses on garment manufacturing and the retail of summer as well as winter garments.
Monte Carlo intends to use the new funds as working capital and for other capital expenditure requirements. It is currently in the process of investing INR2.25 billion to expand its Ludhiana plant and increase its garment capacity from 1.2 million to 1.5 million pieces per year. It will also launch several new outlets in South and West India.
The business generated a turnover of INR3.7 billion last year and is forecasting sales of INR5 billion for 2012.
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