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Grasim divests 100% holding in Grasim Bhiwani Textiles
11
Jul '17
Grasim Industries Limited (Grasim), textiles and building materials manufacturer, has entered into a share transfer agreement for the divestment of its 100 per cent holding of Grasim Bhiwani Textiles Limited (GBTL), a wholly owned subsidiary, to Donear Group of Mumbai. The divestment is part of business portfolio review exercise from time to time.

“The transaction represents a change in the ownership of GBTL from Grasim to Donear Group, with no management changes envisaged at the operational level of GBTL,” Grasim said in a media release.

GTBL has been primarily engaged in the business of manufacturing and marketing of polyester-viscose fabric. GBTL constitutes a very small proportion of Grasim’s consolidated financials with a revenue/EBITDA share of less than 1 per cent. “Given the size of Grasim’s total operations, GBTL’s divestment will have a negligible impact on the company’s financials,” the release said.

Donear Group is in the textiles business for the last 30 years and for them the GBTL business will form part of their core business. (RKS)

Fibre2Fashion News Desk – India


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