GHCL has completed the divestment of its Home Textile business to lndo Count Industries effective April 2, 2022, after obtaining all relevant regulatory and shareholders' approvals. The total consideration for divestment of the Home Textiles Business has been calculated at Rs 608.30 crore (subject to validation of customary closing date adjustment of working capital in terms of the definitive agreements).
The divestment of GHCL's Home Textile Business is a significant value unlocking exercise for all its stakeholders. This move will enable the management to focus on the strategic growth pillars of Chemical and Spinning businesses. The proceeds of the sale will be used to further initiatives such as Greenfield project, product basket expansion, clean energy and ESG initiatives, automation and exploring opportunities to enter into JVs.
GHCL is a leading producer of synthetic soda ash in India. Over the years, it has diversified into yarn and home textile products.
