(Finance) – Aquafila company listed on Euronext STAR Milan and active in the production and transformation of synthetic and natural fibers, has signed a Non-binding Term Sheet which provides for the possible acquisition of a majority stake in Indian society Gujarat Polyfilms Private Limited. A period of approximately 5 months is envisaged in which to complete all the necessary due diligences to allow a complete assessment of the industrial and commercial activities of the company, as well as to negotiate any transaction.
It is a company that produces nylon 6 polymer and textile fibers at the Surat site in Gujarat, India. In the last financial year ended March 31, 2022, it reported a turnover of approximately 55 million euros (at the average exchange rate of 2022) with a margin in line with that of the reference sector.
Aquafil, in explaining the strategic rationale of the operation, states that the Indian market today represents one of the main markets in the world for growth internal.
“The potential acquisition aims both to have polymerization capacity in the Asian market and to continue the globalization process of clothing fibers – reads a press release – In addition, the geographic positioning and competitiveness of local cost factors they will allow the evaluation of further possible expansions of the group’s activities in the Asian area “.