RIL takes sale tag off ‘Only Vimal’

The iconic ‘Only Vimal’ brand belonging to the Reliance Industries,which was

put up for sale is going to stay with them for now, say latest media reports. The conglomerate has decided against selling its textile unit including the said brand, keeping in view the current volatile affairs of the industry and lack of lucrative offers.

Reliance Industries had earlier mandated UK-based advisory firm NM Rothschild to find a buyer for the textile unit but a challenging business environment for textiles did not attract any attractive bids, prompting India’s largest private sector to pull back the sale process.

Except for the acquisition of OCM by distressed buyout fund Wilbur Ross and the merger between Indo Rama Textiles and Spentex Industries, the textile industry has not seen any mergers and acquisitions of late. The Vimal brand, which still enjoys a strong brand recall, became a household name in the 1980’s and was the first to use international cricketers like Vivian Richards among others as its brand ambassadors.