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Creditors approve GHCL’s demerger scheme

Jul 12, 2021
Creditors approve GHCL’s demerger scheme

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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