<p>In a filing to the Bombay Stock Exchange, the company said the stake sale is as per the joint venture agreement under which VF Arvind Brands Pvt Ltd (VFABPL) was formed in September 2006.<br /><br /> While VF was the majority partner with 60 per cent stake in the JV, Arvind controlled the remaining shares. VFABPL has been engaged in marketing products under the Lee and Wrangler brands. Arvind Ltd plans to utilise the cash flow from the stake sale in VFABPL to reduce debt, the company said. Arvind is a leading player in apparel brands and retail space.</p>
<p>In a filing to the Bombay Stock Exchange, the company said the stake sale is as per the joint venture agreement under which VF Arvind Brands Pvt Ltd (VFABPL) was formed in September 2006.<br /><br /> While VF was the majority partner with 60 per cent stake in the JV, Arvind controlled the remaining shares. VFABPL has been engaged in marketing products under the Lee and Wrangler brands. Arvind Ltd plans to utilise the cash flow from the stake sale in VFABPL to reduce debt, the company said. Arvind is a leading player in apparel brands and retail space.</p>