Ludhiana-based SEL Manufacturing Company Limited has notified that it has acquired majority stake in SEL Textiles Pvt. Limited, thereby making it a subsidiary.

With the aforesaid acquisition of stake in SEL Textiles Pvt. Limited, the consolidated manufacturing facilities (i. e in Spinning) of SEL Manufacturing Company Limited, including the capacities under implementation under its expansion plans, would increase upto approximate 1.75 Lakh spindles + 1632 rotors for open ended spinning.

Ludhiana-based SEL Manufacturing engages in the development, manufacturing, and marketing of yarns, knitted fabrics, and ready-made garments in India and internationally. The company also exports its products to Russia and the Middle East.

Recently, the company has acquired a spinning unit with manufacturing facilities located at Neemrana District Alwar, in Rajasthan which the company claims that would cater the yarn requirements of the NCR Region with installed capacity of 24960 spindles and production capacity of approximate 6000 TPA of cotton yarn.

Ahead of positive announcement, the scrip of the company today settled at Rs 69, up 3 per cent compared to its previous close of Rs 67.