Indo Count Industries acquires GHCL’s home textile business
Indo Count Industries Limited has wrapped up the previously announced INR 592.8 crores acquisition of the home textile business of GHCL Ltd.
Through the deal, Indo Count Industries acquired certain assets in Bhilad, Vapi in Gujarat of Grace Home Fashions (GHF), the US subsidiary of GHCL.
Indo Count Industries said that the deal enables it to take a top position in the global home textiles bedding segment. The company will have an annual capacity of 153 million meters.
According to Indo Count Industries, the present customers of GHCL home textile business will get access to its complete product portfolio made up of fashion, utility, and institutional bedding.
Anil Kumar Jain — Executive Chairman of Indo Count Industries said: “We are excited about the pace at which we are progressing towards strengthening our brand into an end-to-end bedding solution provider for Global & Domestic markets.
“We believe this is a significant step towards our strategic vision of achieving a formidable leadership position in the Home Textile Bedding business ‘globally’. Further, with the increasing growth potential in the Indian Home Textile industry, we believe we are market-ready to capitalize on this opportunity.”