Tata Group’s Trent Ltd. incorporated a new company Trent MAS Fashion Private Ltd. on Tuesday as a 50:50 joint venture with Singapore-based MAS Amity Pte Ltd. The new entity will focus on the business of designing, developing and manufacturing intimate apparel and other related products in India.

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The company has been formed as a 50:50 joint venture for sourcing and manufacturing lingerie, activewear, and related products, at a cash consideration of an initial capital of Rs 1 crore.

Both the companies, Trent and MAS Amity, have subscribed equally to 5 lakh equity shares of the new entity at a face value of Rs 10 each, amounting to a total of Rs 50 lakh.

As per the details of Trent MAS Fashion, the joint venture company has an authorised share capital of Rs 1 crore, which is divided into 10 lakh equity shares of the company, with each share having a value of Re 1.

The collaboration between Trent and MAS is aimed at deepening Trent’s ability to offer fully owned brands at its retail stores, along with helping MAS to expand its international presence.

For the quarter that ended on March 31, 2023, Trent registered a rise in net profit and revenue from operations on a year-on-year basis, on the back of the previous year’s low base and undergoing network expansion.

The flagship retail arm of Tata Group posted a net profit of Rs 45.01 crore in the March quarter, rising from Rs 20.87 crore in the same period last year.

Shares of Trent ended 0.45 percent higher at Rs 1,503.