Tuesday, 11 July 2017

Grasim divests Grasim Bhiwani Textiles Ltd

11/07/2017

PUNE: Grasim Industries Limited (Grasim) today entered into a share transfer agreement for the divestment of its 100% holding of Grasim Bhiwani Textiles Limited (GBTL), a wholly owned subsidiary, to near group of Mumbai.

GBTL has been primarily engaged in the business of manufacturing and marketing of Polyester-Viscose Fabric. GBTL constitutes a very small proportion of Grasim’s consolidated financials with a revenue / EBITDA share of less than 1%.

This divestment is the outcome of the business portfolio review exercise from time to time. It is in the direction of consolidation and greater focus on core businesses of the company. Given the size of Grasim’s total operations, GBTL’s divestment will have a negligible impact on the company’s financials.

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