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Mandhana demerges retail from core textile business
26
Nov '14
Indian textiles producer and apparel marketer, Mandhana Industries said it is in the process of hiving off its retail business in to an independent entity called Mandhana Retail Ventures.

According to a statement from Mandhana, the company would file a demerger scheme with the stock exchanges and the High Court.

“After the demerger, the retail business made-up of Being Human and other brands, would be known as Mandhana Retail Ventures,” it added.

"Following the demerger and given the success of the Being Human clothing brand, we are now looking forward to increase our portfolio of brands,” Manish Mandhana, joint managing director said.

After demerger, every three shares of Mandhana Industries would receive two shares of Mandhana Retail Ventures.

Mandhana Industries entered the retail segment by signing an exclusive global licence agreement to design and market the 'Being Human’ apparel brand.

In the previous fiscal year 2013-14, Mumbai-based Mandhana Industries posted a turnover of Rs 1,500 crore. (AR)

Fibre2fashion News Desk - India

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