Fabric and apparel maker Bombay Rayon Fashions Ltd (BRFL) is all set to acquire the ‘Guru’ brand and other related retail businesses from Italian firm Jam Session Holdings Srl, for total consideration of €33 million (about Rs 210 crore).

The company said that the recent acquisition is being made through its Netherland-based wholly-owned subsidiary BRFL Europe BV Netherlands, which has already entered into terms of understanding with the Italian firm for the fulfillment of the purpose.

“The board of directors of the company, at its meeting held on 24 April, approved its wholly owned subsidiary BRFL Europe BV Netherlands entering into terms of understanding for taking over the brand `Guru` and other related retail business as a going concern from Jam Session Holdings s.r.l., for a total consideration of Euro 33 million,” the company added.

The company would made the acquisition by exercising the call or put option within 42 months and till that time it will operate the brand or business on lease basis.

Besides, the company’s board also sanctioned a scheme of amalgamation of its wholly-owned subsidiary Leela Scottish Lace Pvt Ltd into the company, subject to the necessary approvals.

BRFL had acquired controlling stake in Leela for Rs 155 crore last year.

Based in Mumbai, Maharashtra, BRFL designs, sources and markets some of the most pioneering textile offerings in the industry. It is one of India’s top textile giants for over two decades.

BRFL exports 100 percent of its garments to the US and European markets. Major labels like Tom Tailor, DKNY and Liz Clairborne source their garments from BRFL.

The company’s shares, on Thursday (April 24), ended at Rs 380.40, down 2.2%, on the Bombay Stock Exchange (BSE).