GHCL yesterday completed divestment of its Home Textile business to Indo Count Industries, for a total consideration of Rs.608. 30 crore.
The completion of the divestment is effective from April 2, 2022.
With this acquisition, Indo Count becomes the largest global home textile bedding manufacturer, with an annual capacity of 153 million meters. The company says that it has the potential to add up to Rs.1,300 – 1,500 crore per annum to the topline at peak capacity.
Following this news, GHCL is the top loser on the BSE, going down almost 3% to Rs.561.65 while Indo Count received a thumbs up from the market, going up 6% to Rs.179.