Trent, MAS Amity sign pact to design, manufacture apparel and related products

Tata group retail firm Trent Ltd on Friday said it has entered into a joint venture agreement with Singapore-based MAS Amity Pte Ltd for design, development and manufacture of intimate apparel and apparel related products in India.

In a regulatory filing, Trent said it will hold 50 per cent of the paid-up equity share capital of the proposed joint venture company with MAS Amity holding the rest.

''The parties have become equal shareholders of the joint venture company for undertaking the business of design, development and manufacture of apparel and apparel related products, including but not limited to intimate wear..,'' it said, adding the partners would use their respective skills, expertise and resources. Trent and MAS Amity both have the right to nominate two directors each on the board of the joint venture company. They will also have equal right of share subscription and over reserved matter besides equal voting rights in proportion to shareholding interest.

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