Bazel International Ltd, a Non-Banking Financial Company (NBFC), has announced the acquisition of SR Industries Ltd. through the corporate resolution process facilitated by the National Company Law Tribunal (NCLT).
“With this acquisition, Bazel becomes the majority shareholder of SR Industries and takes full ownership of its advanced footwear manufacturing plant in Una, Himachal Pradesh,” the NBFC said in a statement.
This acquisition was financed through equity sales and contributions from Bazel’s associates, it said.
Post-acquisition, Bazel has restructured the board of SR Industries by appointing new directors and reviewing the shareholding pattern to align with long-term strategic goals.
The company said it would capitalise on the growing demand for stylish, comfortable, and sustainable footwear.
“Plans include launching a new footwear brand to capture significant market share in the evolving industry landscape,” it said.
Published – December 16, 2024 03:25 pm IST