It all started on 3 March 2022 after GHCL received ‘No adverse observation/ no objection’ letters from the BSE and the National Stock Exchange of India for a proposed Scheme of Arrangement. In early December last year, the board of directors of GHCL had approved a scheme of arrangement involving demerger of the spinning business division of GHCL to GHCL Textiles (subject to regulatory approvals). GHCL expects this new scheme to be completed by around September 2022. Then, the company has also recently divested its home textiles business to Indo Count Industries (ICIL) for Rs 596 crore. This sale, the company insiders say, may unlock the value for its stakeholders. The proceeds of the sale will be used to further grow the chemicals business, the core for GHCL.
This story is from the 9 April 2022 edition of Businessworld.
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This story is from the 9 April 2022 edition of Businessworld.
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