GHCL to close Roseby's acquisition by August

New Delhi, July 18 (UNI) Gujarat Heavy Chemicals (GHCL) today said it will close the Rosebys acquisition by the first week of August 2006.

Targeting to become a fully integrated company in international home textiles space, chemical and textiles company GHCL Ltd acquired UK's leading retail chain, Rosebys for 40 million dollars in June.

The acquisition, which was scheduled to be completed by October this year, will now be completed by 1st week of August.

GHCL signed an agreement to acquire 100 per cent of the shares of Rosebys.

The two companies have entered into a Memorandum of Understanding, subject to completion of due diligence and other necessary formalities.

Post acquisition, GHCL will become a fully integrated home textile company with presence across spinning, weaving, product design and development, sourcing and distribution to retail stores.

GHCL is a major soda ash and textile manufacturer in India .

It claims to be one of the earliest organisations in the Country to introduce Total Quality Management (TQM) principles.

Roseby's is Britains major soft furnishings retailer with over 300 stores nationwide.

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