GHCL’s home textiles business was sold for Rs 608 crore
Chemicals are very important. On Saturday, GHCL announced that it had completed the sale of its home textiles business for Rs 608.30 crore and officially handed over the business to Indo Count Industries. Additionally, Grace Home Fashions LLC (GHF), a U.S. subsidiary of GHCL, said in a regulatory filing that it has completed the sale of specified assets (inventory and intellectual property) to Indo Count Global Inc pursuant to the terms of an Assets Transfer Agreement (ATA). “Pursuant to the terms of the Business Transfer Agreement (BTA), the Company successfully completed the divestiture of its Home Textile business through an early sale on April 2, 2022,” he said. added. As a result, the company’s home textiles business in Bhilad (Vapi), Gujarat will cease operations on April 2, 2022.
On December 6, 2021, GHCL, a leading soda ash manufacturer, announced that it had entered into a BTA for the sale of its home textiles business, as a going concern on the basis of a declining sale, to Indo Count Industries. The company had already obtained the necessary approval from its shareholders, by postal vote dated January 21, 2022.
“The total consideration for the divestiture of the home textiles business has been calculated at Rs 608.30 crore,” GHCL said. Sharing the details, GHCL said that the BTA transaction has been finalized for a total lump sum consideration of Rs 558.60 crore, which will be subject to validation of the customary working capital closing date adjustment in accordance with the OK. The consideration for the specified assets of GHF has been calculated at USD 4.50 million (approximately Rs 34 crore). “Additionally, Grace Home Fashions expects to make Rs 15.50 crore on its own account,” he added.
Summary of news:
- GHCL’s home textiles business was sold for Rs 608 crore
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