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Garware Technical Fibres rose 1.87% to Rs 788 after the company announced that it has incorporated a wholly owned subsidiary (WOS) in the name of Garware Technical Fibres UK (GTFL UK) to carry out the technical textile business in the United Kingdom.
According to an exchange filing, GTFL UK has been incorporated with the objective of engaging in the business of technical textiles. The operations of GTFL UK will align with the core business activities of the parent company.
The subsidiary has been incorporated with an initial capital of '10,000, consisting of 10,000 shares valued at '1 each. The subscription was made on a cash consideration basis through the purchase of equity shares.
The incorporation does not require any separate governmental or regulatory approval and does not fall under the purview of related party transactions. The promoters, promoter group, and group companies of Garware Technical Fibres have no interest in GTFL UK, except for Mr. V. R. Garware, the Chairman and Managing Director (CMD) of Garware Technical Fibres, who also serves as a director of the subsidiary. The company received the certificate of incorporation for GTFL UK on 14 March 2025.
The official announcement was made on Saturday, 15 March 2025.
Garware Technical Fibres is a leading player in technical textiles, specializing in providing customized solutions to its customers worldwide. Globally, the company is known for its applied innovation in the fields of sports, fisheries, aquaculture, shipping, agriculture, coated fabrics and geo-synthetics. The company's products are manufactured in state-of-the-art facilities at Wai and Pune and marketed in more than 75 countries.
The company's consolidated net profit rose 10.4% to Rs 47.77 crore in Q3 FY25 as against Rs 43.27 crore posted in Q3 FY24. Reveue from operations jumped 21.2% to Rs 350.72 crore in the quarter ended 31 December 2024.
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