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Restructuring in the offing at GHCL Home Textile & Retail biz

25
Mar '08
The Board of Directors of GHCL, a $700 million multi product transnational company operating under the domain of home textiles & soda ash has given in principle approval to restructure company's business.

As per the approved plan, the erstwhile GHCL would continue to be listed on the Indian stock exchanges housing the business of soda ash. The Home Textile business of sourcing and manufacturing is proposed to be shifted to 100% subsidiary of GHCL Ltd.

The Retail entity would have the business of India & UK retail ventures. The plan envisages shifting the business of Rosebys UK to the 100% Retail subsidiary in India.

The company at its Extra Ordinary General Meeting (EGM) held last week has approved the Employees Stock Options Scheme in supercession to earlier scheme approved in 2006. The EGM also approved the grant of Stock Options to employees of subsidiary Companies.

Speaking on the initiative, Mr. Sanjay Dalmia, Chairman GHCL Said, “This restructuring initiative would lead to creation of independently focused organizations with a potential to achieve fast growth in their individual arenas.

The restructuring would provide enhanced financial flexibility to the businesses in order to independently raise resources for their future growth requirement and unlock potential valuations for the shareholders.

This initiative would get optimal valuation for the retail venture as an independently and separately listed entity along with increasing its ability to attract and retain high quality talent through implementation of ESOPs.”


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