India's GHCL completes divestment of home textiles biz to lndo Count

The divestment of GHCL's home textile business is a significant value unlocking exercise for all its stakeholders. This move will enable the management to focus on the strategic growth pillars of chemical and spinning businesses, the company said in a media release.

The proceeds of the sale will be used to further initiatives such as Greenfield project, product basket expansion, clean energy and ESG initiatives, automation and exploring opportunities to enter into JVs.

RS Jalan, managing director, GHCL Ltd, said: “The divestment of the home textiles business is a strategic move which we believe will unlock value for all our stakeholders. We have been able to complete the process seamlessly, on time and with all relevant approvals in place. The proceeds from this divestment will further GHCL's growth strategy based on our vision to ‘Grow our Business Responsibly, with Governance, Sustainability and Core Values as our Foundation’. We wish the best for our HT colleagues as Inda Count are market leaders in this particular product category and will ensure the continuity and further growth of the HT business.”

Fibre2Fashion News Desk (KD)