In a communication to the BSE S Kumars said , "There are potential acquisition opportunities in Europe and North America which are currently being examined by the company. It has decided to pursue potential targets that would result in strong front-end / back-end synergy for the company and where companies operate in fashion and design led activities as opposed to low cost commodity business."
The company is looking to set up a holding and acquisition vehicle namely SKNL International for this purpose. In a meeting of the board of directors of the company held yesterday it was decided that the company be established and domiciled in Netherlands as it is a tax efficient jurisdiction. The board accordingly authorised the Company to begin formalities and procedures to pass resolution through postal ballot for the proposed investment in terms of Section 372 A.
S Kumars Nationwide has been focusing on domestic sales till now. Through acquisitions abroad the company is looking at strong business opportunities for S Kumars Nationwide's garment, home textile and high value fine cotton divisions.