Wearit Global Limited cancelled the acquisition of acquire Century denim division and Century yarn division from Century Textiles and Industries Limited.

Wearit Global Limited agreed to acquire Century denim division and Century yarn division from Century Textiles and Industries Limited (BSE:500040) for INR 25.1 million on August 22, 2017. For the Year ended March 31, 2017, Century denim division and Century yarn division had revenue of INR 2.5 billion. The Board of Directors of Century Textiles and Industries Limited approved the transaction. The agreement is expected to be signed on August 22, 2017. The transaction is expected to close on or after August 25, 2017. Wearit Global Limited cancelled the acquisition of acquire Century denim division and Century yarn division from Century Textiles and Industries Limited (BSE:500040) on May 31, 2018. Workers at the divisions went on strike and the matter is pending before the court. Pursuant to these, Century Textiles and Industries is negotiating the sale of these divisions to another party.