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Post acquisition as aforesaid, the shareholding of PDS in investee company increased to 61%,” PDS said in a statement. Upcycle Labs has developed an upcycle process that allows for high end fashion houses to transform its waste and surplus inventory into granulate that is then upcycled 100% into a variety of new products. PDS stated that the said investment is in line with the sustainability, circularity and ESG goals of the company. Through this investment, the company foresees to be able to provide its customers a complete sustainability and end of life solution (from takeback to resell to upcycle) for all fashion products. It would help alleviate major pain point of fashion brands with respect to the sustainable solution to excess inventory to be upcycled to create a new product providing fashion houses with a socially and environmentally friendly solution. The said acquisition is being made for a cash consideration of Rs 1.49 crore. PDS expects to conclude the said transaction by 15 April 2023. PDS is a global fashion infrastructure company offering product development, sourcing, manufacturing, and distribution for major brands and retailers worldwide. The company's consolidated net profit rose 17.89% to Rs 77.51 crore on a 15.33% increase in sales to Rs 2573.75 crore in Q3 FY23 over Q3 FY22. The scrip fell 1.05% to end at Rs 339.40 on the BSE on Wednesday. The domestic stock market is shut today, 30 March 2023, on account of Ram Navami. Powered by Capital Market - Live News
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