S P Apparels picks up majority stake in Crocodile India

S P Apparels picks up majority stake in Crocodile India

Coimbatore-based S P Apparels has announced that they are acquiring majority 60% stake in the Crocodile Products Pvt Ltd (CPPL). The financial aspects of this deal have not been released.

The company has further said that they would be investing in Rs 30 crores opening up 30 exclusive Crocodile stores in addition to promoting the brand in the market.

S P Apparels Managing Director Mr. P Sundar Rajan said in a statement on this new development: “With this acquisition, we will increase our retail presence and expect Rs 1 billion turnover by 2010 from the present Rs 100 million turnover of CPPL”.

They also have plans to set up a design studio and introduce bacterial free undergarments in India. Until now, Shivrama Associates Private Limited held the majority stake in this apparel company.