10 July 2017
Grasim Industries Limited (Grasim) today 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. GBTL has been primarily engaged in the business of manufacturing and marketing of Polyester-Viscose Fabric. GBTL constitutes a very small proportion of Grasim’s consolidated financials with a revenue / EBITDA share of less than 1 per cent.
This divestment is the outcome of the 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.
Dr. Pragnya RamGroup Executive President, Corporate Communications & CSRAditya Birla Management Corporation Private LimitedAditya Birla Centre, 1st Floor, 'C' WingS.K. Ahire Marg, WorliMumbai 400 030.
91-22-6652 5000 /2499 5000
Fax: 91-22-6652 5741/ 42