Himatsingka Pays $30 Mn For DWI Holdings

Himatsingka Seide LtdMumbai: The country’s top luxury home furnishing maker, Himatsingka Seide Ltd, has purchased US-based home textile firm DWI Holdings for $30 million, finishing its third overseas purchase in the existing year.

The three attainments will contribute around Rs 1,100 crore per annum to revenues and boost the company’s consolidated revenues to Rs 1,200-1,300 crore, it said.

Dinesh Himatsingka, company’s managing director said, “We have positioned ourselves uniquely by successfully implementing an integrated model. These initiatives have given us critical mass.”

The company has expended Rs 400 crore on establishment of a factory in Bangalore having daily manufacturing capacity of 9,000 bedsheets.

DWI has the authorization to promote home textile brands including Barbara Berry, Calvin Klein and Royal Sateen. The company had income of $47 million in fiscal 2007.

Mr. Dinesh also said that the existing DWI management would go forward.

Himatsingka had also purchased major stakes in Italian home textile retailer Giuseppe Bellora in February and US-based Divatex Home Fashions in July.