COLOMBO, Sri Lanka — January 23, 2023 — MAS Amity Pte. Ltd., a subsidiary of MAS Holdings, signed a Joint Venture Agreement on the 20th of January 2023 with Tata Group’s Trent Ltd, setting up an entity in India for the joint development of business into intimate wear and other apparel related products.
Over time, MAS and Trent would pool their domain expertise to undertake design, development and manufacturing of a range of intimate wear and other apparel products. Initially, the joint venture would facilitate design and sourcing of related products.
Speaking on the occasion, Desamanya Mahesh Amalean, chairman, MAS Holdings (Pvt) Ltd., said: “The significance of our partnership with Tata lies in our shared sense of values and an appreciation of the enormous business opportunities that the Indian market affords. This JVA will help leverage our combined capabilities, connecting MAS’ expertise in product creation and manufacturing with Tata Trent’s expertise in Indian retail. This partnership further aligns with MAS’ long-term intent to scale business and expand our presence in India.”
Noel N Tata, chairman, Trent Ltd., said: “We see significant opportunities to leverage the growing reach of our brands to build a differentiated proposition in lingerie, activewear and related categories. MAS brings impeccable capabilities and track record in the manufacture of high-quality products in this space. This collaboration between Trent and MAS would deepen Trent’s strategic commitment to offer fully owned brands at its retail stores and enable MAS to expand their international presence further. We are excited at the prospects of leveraging our joint synergies and deliver greater value to our customers.”
Posted: January 23, 2023
Source: MAS Holdings (Pvt) Ltd.