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CCI approves demerger of the Textiles Business of GHCL Ltd
By IndianMandarins- 30 Sep 2020
1053The Competition Commission of India (CCI) has approved the demerger of the Textiles Business of GHCL Ltd. into its wholly-owned subsidiary GHCL Textiles Limited under Section 31(1) of the Competition Act, 2002. GHCL Textiles Ltd is a wholly-owned subsidiary of GHCL. It is a newly incorporated company and has not initiated any business activity. Pursuant to the proposed demerger, GHCL will retain its chemicals and consumer products business and GHCL Textiles will have the demerged Textiles business. GHCL till now was in the business of (i) manufacture and sale of inorganic chemicals including but not limited to Soda Ash (Dense grade and Light grade), Sodium Bicarbonate, Industrial Salt and Consumer Products ('Chemical Business') and (ii) manufacture and sale of textiles including but not limited to yarn manufacturing along with weaving, processing, cutting and sewing of home textiles products ('Textiles Business'). The detailed order of the CCI will follow.
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CCI approves demerger of the Textiles Business of GHCL Ltd
By IndianMandarins - 2020-09-30 13:29:00
The Competition Commission of India (CCI) has approved the demerger of the Textiles Business of GHCL Ltd. into its wholly-owned subsidiary GHCL Textiles Limited under Section 31(1) of the Competition Act, 2002.
GHCL Textiles Ltd is a wholly-owned subsidiary of GHCL. It is a newly incorporated company and has not initiated any business activity. Pursuant to the proposed demerger, GHCL will retain its chemicals and consumer products business and GHCL Textiles will have the demerged Textiles business.
GHCL till now was in the business of (i) manufacture and sale of inorganic chemicals including but not limited to Soda Ash (Dense grade and Light grade), Sodium Bicarbonate, Industrial Salt and Consumer Products ('Chemical Business') and (ii) manufacture and sale of textiles including but not limited to yarn manufacturing along with weaving, processing, cutting and sewing of home textiles products ('Textiles Business').
The detailed order of the CCI will follow.
