Garware Technical Fibres Acquires Offshore & Trawl Supply AS and Advanced Mooring Supply AS in Norway for INR 1.11 Billion
Garware Technical Fibres Ltd (GTFL) has approved the proposal of acquisition of 100% issued equity share capital of Offshore & Trawl Supply AS (OTS) and Advanced Mooring Supply AS (AMS) in Norway through its Wholly Owned Subsidiary Company - Garware Technical Fibres UK Pvt. Ltd. The total acquisition value is NOK 122 Million, which will be funded by GTFL. Post-acquisition, OTS and AMS will become step-down wholly owned subsidiaries of the Company. OTS is a leading manufacturer of premium synthetic fibre ropes for various industries, while AMS caters to the offshore floating wind energy business. The acquisition is strategic in nature and will help to achieve the Company’s growth plans for the value-added rope segment in the long run.
Key Highlights
- Garware Technical Fibres Ltd (GTFL) is acquiring 100% issued equity share capital of Offshore & Trawl Supply AS (OTS) and Advanced Mooring Supply AS (AMS) in Norway.
- The total acquisition value is NOK 122 Million, which will be funded by GTFL.
- OTS is a leading manufacturer of premium synthetic fibre ropes for various industries, while AMS caters to the offshore floating wind energy business.
- Post-acquisition, OTS and AMS will become step-down wholly owned subsidiaries of the Company.
- The acquisition is strategic in nature and will help to achieve the Company’s growth plans for the value-added rope segment in the long run.