Ross Buys Textile Firm in India

October 6, 2006 - Private equity firm WL Ross & Co. has bought an Indian textile company for $37 million, according to Reuters.

WL Ross, led by financier Wilbur Ross, is the majority owner of Greensboro-based International Textile Group (ITG), created when Ross bought the assets of Burlington Industries and Cone Mills out of bankruptcy in 2004.

OCM India Limited makes worsted wool, a fabric that's also in ITG's portfolio of products, the wire service reported.

OCM has a state-of-the-art worsted textile-manufacturing facility and is vertically integrated, from fiber to fabric. It is one of the leading brands in the worsted fabric market and well known for its tweed and jacket suitings.

"OCM establishes us in India's textile sector and further adds to the resources and synergies of our textile holdings," Ross said in a statement. "We expect rapid growth there in the future."

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