Mudra Lifestyle is now ‘E-Land Apparel’

Mudra Lifestyle has informed BSE that after approval of the Board of Directors of the has changed its name to ‘E-Land Apparel Limited’. Last February, the company decided to sell Unit D-1 of company's fabric business based in Tarapur, by way of slump sale to E-Land Fashion India, a 100 percent subsidiary of the holding company, E-Land Asia Holding, for a lump-sum consideration of Rs 46.49 crores.

The decision was arrived at, based on a comprehensive review undertaken in respect of the business operations of the company. The key findings were that the company is in need of funds, needs to improve its operating efficiency and reduce its high interest cost due to high debt burden.

Mudra Group started operations in 1986 and has facilities for fabrics and garments manufacturing, processing, design development and sampling. It produces fabrics and garments for domestic and export market.