Business Daily from THE HINDU group of publications
Tuesday, Mar 25, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Mar 25, 2008 ePaper | Mobile/PDA Version |
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Corporate
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Restructuring GHCL to spin off home textile biz New Delhi, March 24 Textiles and soda ash player GHCL Ltd on Monday announced that its board of directors has accorded an “in-principle approval” to restructure the company’s business and spin off its home textile and retail businesses into separate units. As per the approved plan, the erstwhile GHCL would continue to be listed on the domestic bourses and would entail the company’s soda ash business, while the home textile business of sourcing and manufacturing is prop osed to be shifted to a 100 per cent subsidiary of GHCL, a company release said. A proposed new retail entity would encompass the company’s retail ventures in India and the UK, including the business of Rosebys UK. The firm earns about 64 per cent of its revenue from home textiles and 33 per cent from its soda ash business. Speaking on the initiative, Mr Sanjay Dalmia, Chairman, GHCL, said, “This restructuring initiative would lead to creation of independently focused organisations with a potential to achieve fast growth in their individual arenas. The restructuring would provide enhanced financial flexibility to the businesses in order to independently raise resources for their future growth requirement and unlock potential valuations for the shareholders.”– Our Bureau More Stories on : Restructuring | Textiles | Chemicals
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