Nakoda Ltd , a maker of fully drawn yarn said it bought a polyester plant located at Kyunghan in South Korea with an total capital investment of $40 million.
“This acquisition marks our entry into new geographies. We plan to work collectively to close similar deals in future to expand our network across the globe. We have bought the plant and machineries only whereas the land and buildings are leased making the venture economical for us” said BG Jain, chairman and managing director, Nakoda Ltd.
Kyunghan is strategically located in the industrial hub of synthetic fiber manufacturing in South Korea with good connectivity to Seoul and Busan, which is the third busiest port in the world. The company will have benefit of easy availability of raw material, abundance of power, technocrats, skilled work force and sophisticated infrastructure, the company said in a release.
On Wednesday, Nakoda shares ended 4.9% higher at Rs13 on the Bombay Stock Exchange where the benchmark Sensex closed 1% up at 17,700 points.
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