Textiles manufacturer Oswal Woollen Mills today said it has decided to hive off its premium apparel brand Monte Carlo into a separate company to unlock the value of the 17-year-old brand.

“We intend to put entire business of Monte Carlo (from OWM) into a separate company called Monte Carlo Fashions Ltd which will give us the leverage to further penetrate its market by tapping new markets across the country,” OWM Director Mr Dinesh Gogna told PTI.

OWM, which is a part of Punjab-based Nahar Group, has sought approval from the Punjab and Haryana High Court for its demerger.