New
Delhi
Chemicals and textiles manufacturer, GHCL,
announced that its secured creditors have approved the scheme of demerger
related to the company’s textile businesses and inorganic chemicals. The
unsecured creditors and shareholders of the company have approved the scheme of
demerger in April. As per a statement passed by GHCL, the company is now going
to approach the NCLT for its approval. As per RS Jalan, Managing Director, GHCL, this demerger is going to be an important
step towards the next phase of the organization. It will bring better
opportunities, business synergies, and focus for both businesses. He also said
that by doing this the management can cater to the needs of the business in a
better way and will also aid value creation for the stakeholders.
As per the restructuring that was announced
last year, the textile business of GHCL is going to be demerged into a separate
company. Both these businesses will be listed as separate business entities.
According to a statement, this demerger will address business opportunities
with efficient capital allocation.
Source
– Outlook
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