Cedaar Textile Private Limited entered into an agreement to acquire North India Spinning Mill of Gillanders Arbuthnot and Company Limited for approximately INR 670 million.

Cedaar Textile Private Limited entered into an agreement to acquire North India Spinning Mill of Gillanders Arbuthnot and Company Limited for approximately INR 670 million on January 28, 2021. The consideration is subject to adjustments. North India Spinning Mill reported revenue of INR 1.54 billion and net worth of INR 383 million as of March 31, 2020.The transaction is expected to complete on January 28, 2021.