Malwa Inds stitches up pact with Montebello

MUMBAI: Montebello Srl of Italy is to supply denim fabric collections and technical knowhow to Ludhiana-based denim maker Malwa Industries for three years under an agreement concluded by the two companies recently.

Confirming this to DNA Money, Rishi Oswal, chief executive officer and managing director, Malwa Industries, said the company is looking at a 70:30 joint venture project with Montebello next year.

Malwa Industries, part of the Rs 550-crore Malwa group, also plans to acquire textile manufacturing facilities in Europe and the Middle East to position itself as an integrated denim manufacturing unit focused on the mid- and top-end segments of the global market.

It recently bought two manufacturing units in Jordan and Italy, said Oswal. Malwa has set up a renewable energy-based power plant to ensure a steady supply of up to 6 MW to its facility