Himatsingka to disinvest in Italian subsidiary

Indian home textiles manufacturer and exporter Himatsingka Seide approved disinvestment of 100 per cent stake in its Italian subsidiary Giuseppe Bellora Srl. The stake will be sold to Himatsingka Europe at a fair market value and is part of the company’s strategy to make London its European operations headquarter.

?The board of directors approved to disinvest 100 per cent holding in its subsidiary company Giuseppe Bellora Srl and sell the same to Himatsingka Europe Ltd (wholly owned subsidiary) at fair market value,? the company said in a regulatory filing.

Himatsingka Seide has recently set up a wholly-owned European subsidiary, Himatsingka Europe Ltd to strengthen its distribution network in Europe.