Banswara Syntex may buy out France's Carreman Michel

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Banswara Syntex Ltd (BSL) is exploring the possibilities of buying out French textile maker Carreman Michel Thierry for around Rs 500 crore.

"BSL is certainly looking at acquiring Carreman, which has gained reputation in the US and European market," market sources said adding that the deal is expected to be inked in the next six months and the value would be around Rs 400-500 crore.

The acquisition would help BSL to get benefit of their market presence and the technical know-how for production of wool fabrics, mainly for western women's wear.

When contacted Toshniwal, BSL's Chairman and Managing Director, declined to comment saying time is not ripe yet to talk about that matter.

Castres-based Carreman has manufacturing facilities in France and Romania. It is the second largest woolens manufacturer in that country.

Carreman had recorded a turnover of around Rs 600 crore last year, almost 40 per cent of which came from exports to the US, a market in which BSL has enough customers and where the Rajasthan-based integrated textile maker has plans to have a strong presence.

Besides, Carreman's marketing team is spread across Europe and US. It also sells fabrics and garments for BSL.