Garware Technical Fibres Limited has informed the Exchange about Acquisition of 100% issued equity share capital of Offshore & Trawl Supply AS and Advanced Mooring Supply AS through its Wholly Owned Subsidiary Company-Garware Technical Fibres UK Pvt. Ltd.
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Garware Technical Fibres (GTFL) has approved the acquisition of 100% equity in two Norway-based companies — Offshore & Trawl Supply AS (OTS) and Advanced Mooring Supply AS (AMS) — through its wholly owned UK subsidiary, Garware Technical Fibres UK Pvt. Ltd. The total deal value is NOK 122 Million (approximately INR 1.11 Billion), to be funded in the UK subsidiary as cash consideration. OTS is a leading manufacturer of premium synthetic fibre ropes for offshore oil and gas, fisheries, aquaculture, lifting and towing industries, with FY2024 turnover of about NOK 100 Million, up from NOK 80 Million in FY2022. AMS is a newer entity set up to serve the offshore floating wind energy segment and is yet to commence operations. The deal is not a related party transaction and is expected to close on or before 30 September 2025.
This is a strategic, cash-funded acquisition that strengthens GTFL's presence in the high-value synthetic rope segment and gives it a European manufacturing foothold, particularly in the growing offshore wind energy space. Post-acquisition, OTS and AMS will become step-down wholly owned subsidiaries, which is positive for long-term growth but involves deployment of roughly INR 111 Crore in an inorganic bet on niche markets.