Indian chemical company to hive off textile busi - sportstextiles: Lea SportsTextiles

News

Indian chemical company to hive off textile business

18/03/2020
Chemical manufacturing company GHCL said it has received approval to hive off its textile business, so that its inorganic chemicals and textiles businesses will be separately listed companies. 

Approval came from India’s National Company Law Tribunal, as reported by BloombergQuint, and each shareholder of the current company will receive equal shares in both companies.

According to its website, GHCL is one of India’s leading manufacturers of home textiles with an in-house spinning unit at Madurai, Tamil Nadu and a weaving and processing home textile facility at Vapi, Gujarat. 

The textile business has an existing capital investment of 13.50 billion rupees GHCL said, with plans to invest another 3.50 billion rupees in the next two years. 

Sportstextiles.com cannot be held responsible for content if the language setting is changed from English.

The translations provided by Google Translate are automated and therefore might not be accurate and may contain incorrect, offensive or misleading language. We offer this facility as a guide only.