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
A file photo of a Grasim Bhiwani Textile Group retail showroom. (Photo courtesy: Grasim)
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.
Recommended For You
- US Man Suspected of Feeding Meth to Keep Illegally Kept ‘Attack Squirrel’ Aggressive
- Kota Girl Does The Impossible, Cracks All Major Competitive Exams in India
- Ranveer Singh Gets Litigation Warning from WWE Wrestler Brock Lesnar's Manager Paul Heyman
- Can You Trust Facebook’s Libra Cryptocurrency? Initial Regulatory Indicators Aren’t Exactly Positive
- Xiaomi Sells More Than 100,000 Mi TVs in Just 9 Minutes During 618 Sales in China
- 01 d
- 12 h
- 38 m
- 09 s