The Hindu Business Line : Liberty Shoes keen on HLL leather biz

LIBERTY Shoes Ltd, the Haryana-based footwear major, is seriously considering a proposal to acquire the leather business of Hindustan Lever Ltd (HLL) and is currently working out the details for exploring possibilities in that direction.

The idea was mooted after HLL announced recently that it wishes to exit from the leather business, which it considers a non-core area of operations. Liberty Shoes finds it attractive since the HLL's leather business has been mostly focused on export markets, where Liberty has sizeable presence.

In a communiqué to stock exchanges on Friday, Liberty Shoes said, "We understand that Hindustan Lever Ltd has recently announced that they wish to exit from the leather business, being their non-core business. We also understand that their main activities of the leather business have been export markets."

Further, the company said, "Considering as an opportunity to increase our presence in the overseas market and to strengthen our core competence in the footwear industry, we feel that it would be in the long-term interest of the company as also of the shareholders if the opportunity of acquisition of the business be explored. The company is, therefore, exploring these possibilities and looking out for the requisite details."

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