GHCL acquires UK's retail firm for Rs 233 cr
Chemical and textiles company GHCL Ltd has acquired UK's leading retail home textile chain Rosebys for about Rs 233 crore ($50 million).
By PTI |
MUMBAI: Chemical and textiles company GHCL Ltd has acquired UK's leading retail home textile chain Rosebys for about Rs 233 crore ($50 million).
In a filing on the Bombay Stock Exchange the company said it acquired 100 per cent equity in Rosebys through its overseas wholly-owned subsidiary.
Earlier this month, the GHCL board had given its nod for acquiring the UK-based home textile retailer, which has a turnover of approximately Rs 980 crore ($210 million) and over 300 stores in UK.
The two companies had entered into a Memorandum of Understanding, subject to completion of due diligence and other necessary formalities.
Following this acquisition, GHCL would 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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