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Thursday, June 21, 2007

Sangam India - Ties Up With Riopele Texteis SA, Portugal

Sangam India Ties Up With Riopele Texteis SA, Portugal For Supply Agreement

Sangam India Ltd on June 21, 2007 has announced that it has entered into a strategic supply agreement with Riopele Texteis S.A. Portugal-based Riopele, with an annual turnover of Euro 64 million, is one of the largest manufacturer of high value added polyester-viscose bi-stretch yarns and fabrics Company. It has composite production facility and is a leading supplier to various leading retail chain in Europe and USA.

Under the agreement, Riopele Texteis will outsource high value added polyester viscose bi-stretch lycra fabrics from the Company. In turn, the Company will outsource technical expertise and designing pattern from Riopele Textels S.A. Initially, the agreement will be for period of one year and subsequently renewed mutually based on performance.

Explaining the rationale behind the tie-up, Mr. R P Soni, Chairman of the Company said, "This is the first step towards our vision to expand in the global markets with high value added product such as poly-viscose bi-stretch fabrics segment."

Mr. Soni also added, "This tie-up with help us to get the technical know-how and latest trend in designing from the Riopele and in turn give us an opportunity to supply high value added. Going forward, we are targeting around 10-15% revenue of is fabrics division revenue through this tie-up."

Source : Bombay Stock Exchange

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