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Century Textiles and Industries forms JV company Birla Advanced Knits

Friday, 16 Jul 2021
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Century Textiles and Industries has incorporated a joint venture (JV) company namely Birla Advanced Knits on 14 July 2021 to foray into manufacturing of manmade cellulosic fibre (MMCF) knit fabrics in partnership with Grasim Industries (Grasim). 
 
The company on 15 July 2021 has also executed a joint venture agreement with Grasim. Both the parties will subscribe 50 percent each in the paid-up equity share capital of the aforesaid joint venture company.
 
The parties have become equal shareholders of the JV company for the business of manufacturing of manmade cellulosic fibre (MMCF) knit fabrics wherein the both the parties will use their respective skills, expertise and resources. 
 
Both shareholders will have equal rights for appointment of Directors, right of share subscription, over reserved matters and have equal voting rights in proportion to their shareholding interest in the JV company.
 
Pilani Investment and Industries Corporation and IGH Holdings are common in the promoter/ promoter group of CTIL and Grasim.
 
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