Abhishek brings nearly 20 years of experience in technology and manufacturing.
VLCC founders Vandana Luthra and Mukesh Luthra will retain a significant stake in the company.
The resignation will be effective from March 31, 2023, at the end of business hours.
As per DRHP, the market for BPC products in India is expected to grow from approximately $17 billion in 2021 to approximately $30 billion in 2026.
During the last financial year the total Textiles & Apparel exports including Handicrafts stood at USD 44.44 billion.
The Securities and Exchange Board of India (SEBI) is the regulatory body for securities markets in India.
The company has paid cash consideration of Rs2.16 crore for this acquisition.
Given Garnett Wire's presence in the UK and neighbouring regions, the goal of the acquisition is to expand business for the Company's products abroad.
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