Spentex plans Uzbekistan entry

Reuters May 3 Indian textile firm Spentex Industries Ltd has signed a preliminary agreement with an Uzbekistan government body to buy or set up a cotton spun yarn unit there, the company said on Wednesday. Spentex is also close to acquiring a local company there, Mukund Choudhary, managing director, said. "It looks like we will complete the acquisition in a couple of months," he said without elaborating. Spentex, which acquired two Indian textile companies earlier in 2006, was also in talks to buy out more Indian firms, he said. Shares in the company fell 0.5 per cent to 63.75 in a flat Mumbai market.