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Our Bureau

Mumbai , Sept. 11

SHAREHOLDERS of Indo Count Industries have approved its foray into home linens, including table and bed linens, curtains and made-ups.

This is the company's maiden foray into the home furnishings and will involve an investment of Rs 163 crore.

The diversification programme will be funded through debt, fresh equity and internal accruals.

The company has also got shareholders' approval to issue fresh equity by way of preferential allotment of 40 lakh shares to two FIIs - Matterhorn Ventures and Lotus Global Investments Ltd - at Rs 33 a share.

According to a company statement, Mr Anil Kumar Jain, Chairman and Managing Director, Indo Count, said: "The diversification is part of our long-term strategy to strengthen our position among textile players. Owing to the current US-China differences and our Government's thrust towards this sector, we see the market growing manifold."

The project is being implemented at the new Five Star MIDC Industrial Area at Kagal.

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