/ Grasim Industries Divests Stake In Grasim Bhiwani Textiles ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Tuesday, 11 July 2017

Grasim Industries on Monday's after market hours announced that it has entered into an share transfer agreement for the divestment of its 100% holdings of Grasim Bhiwani Textile (GBTL) to Donear group of Mumbai.

GBT is a wholly owned subsidiary of Grasim Industries and is primarily engaged in the business of manufacturing and marketing of Polyster-Viscose Fabric. GBTL constitutes a very small proportion of Grasim's consolidated financials with a revenue /EBITDA share of less than 1%.

The divestment is the outcome of the business portfolio review exercise from time to time. It is in direction of consolidation and greater focus on core businesses of the company.

Donear Group are in the textile business for the last 30 years and for the GBTL business will form part of their core business.

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