A new joint venture has been created between MAS Holdings of Sri Lanka and BAM Knitting (Pvt.) Ltd., one of the nation’s top fabric manufacturing and finishing businesses. According to reports, this investment will strengthen MAS’ capabilities in the area of knitting, dyeing, and printing cotton materials as well as broaden its backward vertical integration on the island.
Following the recruitment of MAS professionals to key positions within the organisation, the new joint venture will profit from MAS’ extensive global experience in the manufacture of garments and textiles. It will also benefit from MAS’ technological resources and knowledge. The company claims that the acquisition would result in significant synergies, including increased production capacity and partnerships for the development of new products.
According to Suren Fernando, CEO of MAS Holdings, “This acquisition is timely, both from MAS and the Sri Lankan economy’s perspectives. It allows MAS to increase the verticality of our Sri Lankan operations and mitigates the rising volatility of global supply chains and logistics costs while growing the overall value added by MAS. In spite of the ongoing economic difficulties, it also demonstrates our sustained faith in Sri Lanka as a viable and competitive location for garment manufacture. Fernando added that measures of this kind are essential for ensuring the nation’s long-term economic resilience and stability because they aid in lowering imports and boosting exports.