GHCL acquires UK firm for $40 mn
As a step towards its bid to become a fully integrated company in international home textiles space, chemical and textiles company GHCL Ltd has acquired UK's leading retail chain, Rosebys $for 40 million.
By PTI |
NEW DELHI: As a step towards its bid to become a fully integrated company in international home textiles space, chemical and textiles company GHCL Ltd has acquired UK's leading retail chain, Rosebys $for 40 million.
"This acquisition provides us with an ideal opportunity to leverage Roseby's established platform across the European Union markets and a renowned global brand in order to make GHCL one of the dominant players in the home textile space globally," GHCL Chairman Sanjay Dalmia said.
The company said it has signed an agreement to acquire 100 per cent of the shares of Rosebys and the process of acquisition is expected to be completed by October this year.
The two companies have entered into a Memorandum of Understanding, subject to completion of due diligence and other necessary formalities, it added.
The equity cost of the acquisition will be funded through the resources raised from various domestic and foreign institutions in the recent past, the company said.
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 Board at its meeting held on Sunday approved the proposal to acquire Rosebys that has a turnover of approximately $250 million with over 300 stores in UK, offering both contemporary and traditional soft furnishings for homes.
It has a strong presence in bedding, curtains and kids garments and employs 2,000 people.
"This acquisition provides us with an ideal opportunity to leverage Roseby's established platform across the European Union markets and a renowned global brand in order to make GHCL one of the dominant players in the home textile space globally," GHCL Chairman Sanjay Dalmia said.
The company said it has signed an agreement to acquire 100 per cent of the shares of Rosebys and the process of acquisition is expected to be completed by October this year.
The two companies have entered into a Memorandum of Understanding, subject to completion of due diligence and other necessary formalities, it added.
The equity cost of the acquisition will be funded through the resources raised from various domestic and foreign institutions in the recent past, the company said.
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.
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GHCL Board at its meeting held on Sunday approved the proposal to acquire Rosebys that has a turnover of approximately $250 million with over 300 stores in UK, offering both contemporary and traditional soft furnishings for homes.
It has a strong presence in bedding, curtains and kids garments and employs 2,000 people.
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