Grasim Industries Limited, a part of Aditya Birla Group, and Century Textile and Industries Limited (CTIL) have agreed to create a joint venture called – Birla Advanced Knits Private Limited.

The 50:50 joint venture between the parties will be engaged in manufacturing man-made cellulose fiber knit fabrics. Both the companies will provide their respective skills, expertise, and resources for Birla Advanced Knits.

Century Textile and Industries Limited and Grasim Industries will both initially subscribe to 5,000 shares each of face value of INR 10 per share in the knit manufacturing business.

Both the companies will have the right to nominate three directors each on the board of Birla Advanced Knits.

Grasim Industries, which began as a textile manufacturer, is a major VSF and chemicals player in India. Through its subsidiaries, the company is also engaged in cement production and diversified financial services.

On the other hand, Century Textile and Industries is a Mumbai-based textile, paper manufacturing and export company.

  Aditya Birla Group, Birla Advanced Knits, Century Textile and Industries, Grasim Industries, India