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This story is from June 12, 2008
Arvind Mills calls off JV with Italy's Diesel
Textile manufacturer Arvind Mills on Wednesday said the firm has called off its joint venture with Italian apparel maker Diesel BV by mutual consent, with effect from Wednesday.
"... the joint venture between Arvind Ltd and Diesel BV for the distribution and branding of Diesel products in India has been called off from June 11, 2008 by mutual consent.
"Both, Arvind Ltd and Diesel, feel that the JV agreement would restrict their future expansion plans in India," the firm said in a filing to the Bombay Stock Exchange.
The joint venture "Diesel Fashion India Arvind Pvt Ltd" agreement was signed on April 20, 2007. Diesel was holding 51% stake in the joint venture while the rest was held by Arvind Mills.
In May last year, Arvind Mills had said the joint venture company would open 15 exclusive Diesel stores in cities like Mumbai, Delhi, Bangalore, Chennai, Chandigarh and Hyderabad in the next three years.
Shares of Arvind Mills closed at Rs 40.85, up 6.24% on the BSE.
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