Donear group promoters acquire OCM Woolen Mills

The acquisition, whose size was not disclosed, would make the Donear Group the largest branded menswear fabric manufacturer, the company said in a statement. This is the second major acquisition by Donear Group after it acquired Grasim Bhiwani Textiles from Aditya Birla Group firm Grasim Industries in July this year. The latest deal will enable the group to provide its product range to consumers for all weather conditions and all occasions.

"No other manufacturer in India has been able to match the quality of OCM blazer and jacket of tweed fabric till date. We have charted out ambitious and aggressive plans to promote the OCM brand," Donear Group Promoter Rajendra Agarwal said.

The deal will help the distributors of OCM, who generally witness lower sales during non-winter seasons, to sell an additional range of products.Founded in 1924, OCM was jointly owned by WL Ross & Co LLC, and HDFC Ltd.