World's second largest sewing thread maker American & Efird Inc has picked up additional 14 per cent stake in Punjab-based Vardhman Yarns and Thread (VYTL).
"By raising its stake, A&E's equity holding in VYTL joint venture company has gone up to 49 per cent," Vardhman Textiles President and Executive Director D L Sharma said today.
Total valuation of the A&E's stake in VYTL, a non-listed company, has crossed Rs 100 crore mark, he said.
He said that VYTL is expecting total sales of Rs 350 crore in 2008-09 against Rs 325 crore in 2007-08.
VYTL entered into a technical collaboration with A&E in April this year, in which the latter picked up 35 per cent stake in the company.
Under this initiative, VYTL could also use the brand of A&E in marketing the sewing thread in the country. A&E is a leading manufacturer and distributor of industrial sewing threads, embroidery thread and technical textiles, and has presence in 30 countries.
