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| Exchange Disseminated Time | With reference to the news item appearing in leading daily titled "Mirza Tanners cobbling European buy", Mirza International Ltd has clarified to BSE the following:
1. For quite some time, the Company has been exploring the possibility of acquiring a retail / distribution company and / or a shoe manufacturing company overseas. The Company has studied several proposals in this regards over the last few months. However as of now the Company does not have a concrete proposal on the table. The Company will enter into a deal only when the Company is convinced that it is in best interest of the Company and its shareholders and that it results in a perfect synergy with the Company's existing business.
2. The Company has plans to increase its manufacturing capacity by one million pairs / annum and the project modalities are being given the final finishing touch.
3. The Company is setting up a chain of exclusive Red Tape retail stores and the Company expects having 50 stores in place by end of current financial year (32 stores are already functional) and 150 mare by the end of next financial year, taking the total to 200 stores by the end of 2007-08. |
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