Filatex Fashions' Subsidiary Wins ₹293 Crore Export Deal

Filatex Mines and Minerals, a subsidiary of Filatex Fashions, has secured a substantial export order worth ₹293 crore ($35 million) from Bloomflora Ventures. This contract entails supplying 2.97 tonnes of white marble over the next seven years for constructing 54 hospitals across Africa.

In a significant corporate update, Filatex Fashions has appointed Sunil Agarwal as an Additional Director and CEO. Agarwal brings over a decade of experience in financial services, advisory, investment advisory, and risk management consulting. His extensive experience includes serving on the boards of several prominent companies.

Last month, Filatex Fashions' shareholders approved a 5:1 stock split, increasing the authorised share capital to ₹850 crore, divided into 850 crore equity shares of ₹1 each. This strategic move aims to enhance liquidity in the capital market and expand the shareholder base, with the record date set for August 9.

Founded in 1995, Filatex Fashions specializes in manufacturing socks and cotton products, boasting 25 socks-knitting machines with advanced finishing technology, including infrared technology, a first in India. The company's state-of-the-art plant produces 8.64 million pairs of socks annually, with plans to increase capacity to 14 million pairs.

Filatex Fashions caters to renowned clients such as FILA, Sergio Tacchini, Adidas, and Walt Disney. For FY24, the company reported a net profit of ₹9 crore on an income of ₹179 crore, reflecting its robust financial health and growth potential.

News by Rahul Yelligetti