GHCL to hive retail unit to 100pc subsidiary

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New Delhi, Mar 24: GHCL Ltd today said its Board has given in principle approval to restructure its business under which the Home Textile business of sourcing and manufacturing is proposed to be shifted to 100 per cent subsidiary of GHCL Ltd. The erstwhile GHCL would continue to be listed on the Indian stock exchanges housing the business of soda ash, said a statemet. The Retail entity would have the business of India and UK retail ventures. The plan envisages shifting the business of Rosebys UK to the 100 per cent retail subsidiary in India.

Company Chairman Sanjay Dalmia said ''This restructuring initiative would lead to creation of independently focused organisations 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.'' He added that given the length and breath of its presence in the UK and the brands company services within its retail outfits, the retail entity should offer a value unlocking proposition for its shareholders.

The company, at present, is in the final stages of launching its retail in Indian market through the Rosebys brand.

The company is set to launch its exclusive range of home textiles retail chain stores in the country. Effective launch of the product range is expected to roll out in early next quarter.

UNI

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