US-based WL Ross & Co. LLC, one of the world’s leading turnaround groups, has been looking into investing in more Indian textile companies. The group already owns a 94 percent share of the Delhi-based fabric manufacturer, OCM India Limited.
David Wax, managing director of WL Ross, is optimistic about expanding in India because of its enormous population. “We have a tremendous belief that there are terrific opportunities with 1.25 billion people and a growing middle class in India,” he said. Wax noted that Invesco, parent company of WL Ross, has worked in Hyberabad, India and is very dedicated to the market.
WL Ross acquired its stake of OCM in 2007 from the SK Birla Group for $37 million. According to Nitin Jain, the managing director of OCM, the company is being reestablished to become “a customer-centric lifestyle brand from being just a fabric manufacturer.” OCM plans to launch a ready-to-wear range of apparel for men and women including suits, jackets and saris along with selling ties, pocket squares and fabrics from Italy.
It is also in the process of making international design and distribution partnerships, and is developing its own marketing strategies using mobile apps. As a result of all the efforts to improve the company, OCM is expected to have its best financial quarter ever.