OCM and Burlington in strategic alliance for worsted wool fabrics
18 Sep 2007
Ahmedabad: Amritsar-based textile manufacturer OCM India Ltd has forged a strategic alliance with Burlington WorldWide for the manufacture and sale of worsted wool fabrics under the Burlington brand in the Indian market, and for exports.
Burlington WorldWide (BWW) is a division of US-based global, diversified textile manufacturer International Textile Group Inc (ITG), majority owned by WL Ross and Co, and has annual revenues in excess of $1.0 billion. ITG was formed by WL Ross in 2004 and operates in five primary business segments — automotive safety, apparel fabrics (Cone Denim and Burlington WorldWide, government uniform fabrics, interior furnishings and commission finishing.
As this is a marketing and commercial partnership between the two companies, Burlington WorldWide is reported to have agreed to invest Rs12 crore towards doubling of existing capacity for exports.
OCM too is majority-owned by W L Ross & Co. LLC of New York.
The strategic partnership provides OCM the technical and manufacturing know-how for export to the US, Europe and Asian markets. In the domestic market, Burlington will provide marketing and commercial support to OCM, supplemented by technical and manufacturing support for development of advanced manufacturing processes and operations, and development of new wool fabrics.
OCM
is optimistic about this partnership being able to kick start its exports with
a 25 pe cent contribution to its overall revenues, as well as corner a fair share
of the domestic apparel market by lending an international edge to the brand,
according to Rajeev Surana, CEO, OCM India.
