GHCL to acquire UK's Rosebys for $50mln

New Delhi, July 17 (UNI) GHCL today announced plans to acquire UK's leading home textiles retail chain company, Rosebys, for 50 million dollars, besides registering a 45 per cent increase in its net profit for the quarter ended June 30, 2006 at Rs 31.04 crore as against Rs 21.47 crore for the corresponding period last year.

''We are looking forward to a strong growth in the coming quarters on the back of successful integration of our overseas-acquired capacities and markets both in the area of textiles and soda ash,'' GHCL Chairman Sanjay Dalmia said.

''We are sensing an attractive business opportunity with global reach and our strength to replicate the Indian success of being the lowest cost producer of soda ash to overseas locations as well,'' he added.

Rosebys has a strong presence in bedding, curtains and kids garments with over 300 retail outlets across UK and an annual turnover of close to 250 million dollar. It employs over 2000 people.

The company's net sales for the quarter ended June 30, 2006 were yp by 19 per cent at Rs 165.69 crore as compared to Rs 139.10 crore. Earlier, GHCL, a part of Dalmia Group, acquired a majority stake in Romania-based soda ash manufacturer SC Bega Upsom SA and also signed a definitive agreement to acquire the second plant in Romania, to increase its capacity to 7,00,000 MTPA.

GHCL is also increasing it's soda ash capacity from 6,00,000 MTPA to 11,00,000 MTPA in its plant at Gujarat.

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