American & Efird Global has received Competition Commission’s nod to buy an additional 40 per cent stake in Vardhman Yarns and Threads (VYTL), which would make the US firm a majority stakeholder.
VYTL — a joint venture between American & Efird Global (A&E) and Vardhman Textiles (VTXL) — is into making sewing and specialty threads, among others.
Under the deal, A&E will acquire an additional 40 per cent of the share capital in VYTL from the joint venture partner, thereby increasing its overall stake to 89 per cent.
In India, A&E Group is present through VYTL and Gutermann India (GI), a wholly-owned subsidiary.