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1-min read

Grasim Industries Divests Grasim Bhiwani Textiles to Donear Group

GBTL has been primarily engaged in the business of manufacturing and marketing of polyester-viscose fabric

PTI

Updated:July 10, 2017, 6:14 PM IST
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Grasim Industries Divests Grasim Bhiwani Textiles to Donear Group
A file photo of a Grasim Bhiwani Textile Group retail showroom. (Photo courtesy: Grasim)
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Mumbai: Grasim Industries Limited, a flagship company of the Aditya Birla Group, on Monday said it has entered into a share transfer agreement for the divestment of its 100 per cent holding of Grasim Bhiwani Textiles Limited (GBTL), a wholly owned subsidiary to Donear group of Mumbai.

"We are divesting our 100 per cent holding of Grasim Bhiwani Textiles Ltd (GBTL), a wholly owned subsidiary to Donear group," a company statement said, without disclosing the deal value.

GBTL has been primarily engaged in the business of manufacturing and marketing of polyester-viscose fabric. It constitutes a very small proportion of Grasim's consolidated financials with a revenue / EBITDA share of less than 1 per cent, the release said.

This divestment is the outcome of 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, it added.

| Edited by: Aakarshuk Sarna
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