WL Ross & Co. LLC ("WL Ross"), global private equity investor in corporate restructurings enters India with the acquisition of OCM India Limited ("OCM") for $37 million in cash (Rs. 170 crores).

OCM has a state-of-the-art worsted textile manufacturing facility that is one of the first ISO 9001 certified mills in India. It is vertically integrated, from fiber to fabric and has 34,000 spindles, 185 looms and 12 auto coners. OCM is one of the leading brands in the worsted fabric market and well known for its tweed and jacket suitings sold through 60 wholesalers and over 1,200 retailers across the country, and also markets globally.

WL Ross entered the textile industry in 2003 through the acquisition of Cone Mills and Burlington Industries to create one of the largest textile companies in the world International Textile Group (ITG) with investments in US, Mexico, Latin America, China, Vietnam and Nicaragua. ITG products include denim, synthetics, worsted wool and cotton fabrics for apparel and interior furnishings which are produced, marketed and sold globally. Mr. Wilbur L. Ross, Jr., Chairman and CEO of WL Ross said, "OCM establishes us in India's textile sector and further adds to the resources and synergies of our textile holdings. We expect rapid growth there in the future."

The acquisition of OCM is being made pursuant to a Scheme of Arrangement between Birla VXL Limited (Bombay Stock Exchange: VXL IN) and its existing lenders, creditors and shareholders and OCM and its shareholders and being carried out through The Asset Reconstruction Company of India ("Arcil"). Mr. Sudhamoy Khasnobis, Managing Director & CEO of Arcil stated "the OCM acquisition is the first 100% buyout of a major Indian enterprise by a global turnaround fund."

The acquisition was developed by WL Ross' $300 million India Asset Recovery Fund L.P., with co-investment from WLR Recovery Fund III LP and the Housing Development Finance Corporation Ltd (National Stock Exchange of India: HDFC IN), WL Ross' partner in India.

Mr. Deepak Parekh, Chairman of HDFC said, "Our relationship with WL Ross provides a unique solution to Indian entrepreneurs and financial institutions that consider trust and turnaround expertise as cornerstones of any transaction."

Mr. Ranjeet Nabha, Managing Director and CEO of WL Ross' India initiatives said, "We are proud to be the first foreign fund selected by ARCIL to rehabilitate a portfolio company, and we hope to apply our basic industry skills to other special situations in India."

WL Ross has sponsored over $4.5 billion (Rs. 20,000 crores) of alternative investments since its founding in 2000. WL Ross' notable principal transactions include rolling up five bankrupt US steel companies into the International Steel Group, which was sold in 2005 to Mittal Steel for $4.5 billion. Mr. Ross is a member of the board of directors at Arcelor Mittal. WL Ross opened its India office in Mumbai five months ago.

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