Arvind’s board has approved a scheme of arrangement with its wholly owned subsidiary Arvind Infrastructure (AIL) for demerger and transfer. AIL will issue to the shareholders of Arvind one share of Rs 10 each for every 10 shares of Rs 10 held by them in Arvind. AIL will be separately listed on stock exchanges by 2015.
AIL, engaged in real estate development, is currently managing 11 projects in Ahmedabad and Bangalore spanning 5.3 million square feet over 360 acres of land. Meanwhile, Arvind, a leading integrated textile and branded apparel player, reported a 14 per cent growth in profit after tax and 19 per cent in consolidated revenue in the first quarter of 2014-15, ended June 30, compared with the corresponding period last fiscal.
