Business Daily from THE HINDU group of publications
Wednesday, Jan 30, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Wednesday, Jan 30, 2008 ePaper | Mobile/PDA Version |
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Corporate
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Overseas Investments GHCL to acquire soda ash cos in US, China Virendra Pandit Ahmedabad, Jan. 29 After announcing the demerger of its consumer products division (home textile) on Monday, GHCL Ltd is planning to acquire soda ash companies in the US and China this year and also exploring expansion and greenfield projects in India. Confirming this, Mr Sanjay Dalmia, Chairman and Managing Director, told Business Line that the company aimed to acquire a company each in the US and China. “We hope to clinch the deal this year,” he said. GHCL, the Rs 2,800-crore multi-product company, had earlier acquired a majority stake in a Romanian soda ash company, S.C. Bega Upsom S.A. Apparel segment “After stabilising our home textiles business, we would consider entering the apparel segment as well. We already have a presence in industrial apparel, and institutional clothing in Cambodia and the US,” Mr Dalmia said. It is with this objective that GHCL is restructuring its home textile segment which now accounts for 42 per cent of the company’s revenue and reports a 66 per cent growth rate. In the home textiles segment the four acquisitions by GHCL included three companies in the US and one in the UK.
The company is now considering listing its demerged home textile retail arm, the Rosebys, on international stock exchanges. Financial modalities are being worked out to restructure the company’s businesses into separate verticals. “The plan envisages shifting the business of Rosebys UK to the retail company in India which would kickstart with a turnover of more than Rs 1,000 crore.” More Stories on : Overseas Investments | Chemicals
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