Indo Count Industries acquires 82.5% stake in ICRVL
The Dollar Business Bureau India-based home textile firm Indo Count Industries has acquired 82.5% stake in Indo Count Retail Ventures Pvt Ltd (ICRVPL) from its Promoter Anil Kumar Jain. With this, ICRVPL has become a subsidiary of Indo Count Industries, the company said in a statement on Wednesday. Indo Count Industries is the second largest exporter of bed sheets, bed linen and quilts in the country, as per Cotton Textiles Export Promotion Council (TEXPROCIL). The company is one among the top three bed sheet suppliers to the US. It manufactures products for several international brands including Debenhams, Bed Bath & Beyond, Sam’s Club, Laura Ashley, JC Penny, John Lewis, Walmart, Target and Macy’s. It has a production capacity of 90 million meters at its Kolhapur ...
US court fines Indian textile firm $100,000
The Dollar Business Bureau Pratibha Syntex was sued on the basis that it did not pay licensing fees for software manufactured by Adobe, Microsoft, and others, gaining cost advantage in the low-margin business of apparel manufacturing A US court has asked an Indian textile company to pay $100,000 as fine for using pirated software in the production of clothing items to be sold in California. As part of the settlement, which was filed in Los Angeles Superior Court and has been approved by a judge, Indore-based textile company Pratibha Syntex has been asked to pay $100,000 in restitution within 30 days. “A settlement resolving allegations that Pratibha Syntex Ltd., a company based in India, gained an unfair competitive advantage over America-based ...
