Indian textile producer Bombay Dyeing & Manufacturing is to wind up its loss-making joint venture Five Star Textile Indonesia (PTFS) in due course.
“With the acquisition of [an] additional 3,409 shares in [the] existing joint venture in Indonesia, the shareholding of the company will rise to 86% from 33.89% at present, thereby making it a subsidiary of the company,” said Bombay Dyeing in a filing with the Bombay Stock Exchange. “This is a strategic move to wind up the loss-making joint venture in due course.”
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